Dáil Éireann Debate, Tuesday - 23 May 2023
484. Deputy Thomas Pringle asked the Minister for Social Protection if she is aware that the automatic enrolment pension system being proposed by the Government could be provided at a lower cost to the State; and if she will make a statement on the matter. [22109/23]
View answerI am unsure from the Deputy's question whether he is aware of a way in which the automatic enrolment system could be provided at a lower cost to the State. If he is aware of a better way of implementing this major reform of the pension's landscape, I would be glad to hear it. As a note of caution, I would avoid asserting anything that did not have substantive evidential support.
I am aware of a theoretical proposition that claims that higher financial returns can be achieved for AE participants at lower costs. This proposal has been considered by officials in my Department and discussed with other relevant Government Departments and agencies. I recently referred this proposal to the Pensions Council for an independent external evaluation of the issues involved.
The Pensions Council was set up to advise the Minister for Social Protection on matters relating to policy on pensions. Membership of the Council has been constituted to ensure the relevant skills, specialist knowledge, and experience is in place to allow for the provision of collective advice, information and assistance in the development of pensions policy. I have requested the Pensions Council to prioritise this piece of work and in advance of progressing the legislation required to underpin the AE system later this year.
I hope this clarifies the matter for the Deputy.
