Dáil Éireann Debate, Tuesday - 25 July 2023
701. Deputy Patrick Costello asked the Minister for Social Protection the timeline for the creation of the central processing authority being established to manage the auto-enrolled pension scheme; and if she will make a statement on the matter. [36143/23]
View answerThe introduction of a pensions auto-enrolment system is a Programme for Government commitment, and a key priority for me as Minister for Social Protection.
Last year, I published 'The Design Principles for Ireland’s Automatic Enrolment Retirement Savings System', which set out the new system in detail. It envisages that the enrolment of the first AE participants will commence in 2024.
A key element of this design is the establishment of a Central Processing Authority (CPA), which will be established to manage and administer the AE system on behalf of the participants. The CPA will initially operate on an administrative basis within the Department of Social Protection. In time, the CPA will become a statutorily independent public agency operating under the auspices of the Minister for Social Protection.
The legislation to underpin the establishment of the CPA is currently being drafted, with my officials working with the Office of Parliamentary Counsel. I expect to be in a position to publish the AE Bill in the Autumn and to commence its passage through the Oireachtas immediately thereafter. Enactment of the AE Bill will then facilitate the AE system to start in the second half of 2024.
I hope this clarifies the matter for the Deputy.
