Dáil Éireann Debate, Thursday - 12 March 2015
55. Deputy Dominic Hannigan asked the Tánaiste and Minister for Social Protection the role of the Universal Retirement Savings Group; and the timeframe and nature of the consultation process for the new supplementary workplace retirement saving scheme; and if she will make a statement on the matter. [10834/15]
View answerIn line with the Statement of Government Priorities, the Government recently decided to proceed with work to develop a roadmap and timeline for the introduction of a new, universal, supplementary workplace retirement saving scheme.
The development of this roadmap for consideration by Government will be progressed by the Universal Retirement Savings Group (URSG). The broad role of the group is to consider the constituent factors involved in constructing an efficient and effective universal retirement savings system and to bring a recommendation to Government in the form of a roadmap and estimated timeline for introduction.
The URSG consists of senior officials from key Government departments and those public bodies with a particular responsibility and expertise in the area. Membership also includes international representatives from the UK’s Department for Work and Pensions and the OECD who bring significant expertise in designing, delivering and assessing supplementary pension systems.
In undertaking specific or specialised areas of its work programme the group will consult with, and invite submissions from, pension’s experts external to the group. This will include establishing reference groups to utilise expertise and facilitate input from various sectorial interests such as those from the pensions industry, representatives of employers, trade unions and consumer/interest groups. The consultation process will also include an open invitation for written submissions from any parties with an interest in this area.
The first meeting of the Universal Retirement savings Group took place on 25 February 2015. It is expected that the group will be in a position to present recommendations to the Government later this year.
