Neale Richmond
Question:15. Deputy Neale Richmond asked the Minister for Social Protection if she will provide an update on the auto-enrolment workplace pension scheme; and if she will make a statement on the matter. [49690/22]
View answerThursday, 13 October 2022
Questions (15)
Written answers
In March I announced that Government approval had been given to the final design principles for the auto-enrolment (AE) retirement savings system. A detailed explanatory paper on the new system has been published on www.gov.ie.The system is expected to become operational in early 2024 and will automatically enrol approximately 750,000 employees at the outset. These are employees who are aged between 23 and 60 years, earning over €20,000 across all their employments, and who are not already enrolled in an occupational pension scheme.
The implementation phase is now well underway, with a project team in the Department of Social Protection progressing a range of individual elements of a detailed project plan, which includes setting out the system’s operational design and drafting the legislation that will be required to underpin the new system. In terms of the legislative elements of the project, the Government recently approved a General Scheme for an Automatic Enrolment Bill. This General Scheme has been drafted in line with the final design principles document that I announced last March. Just last week, I wrote to the Joint Oireachtas Committee for Social Protection, Community and Rural Development and the Islands, in order for that Committee to commence pre-legislative scrutiny of the Heads of the Bill.
In tandem with this process, my officials are working with the Office of Parliamentary Counsel to draft the Automatic Enrolment Bill, which I hope to introduce to the Oireachtas as soon as possible following completion by the Committee of its work.
I hope this clarifies the matter for the Deputy.