The introduction of an Auto Enrolment Retirement Savings 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 sets out the new system in detail. Implementation of the AE system has been gathering pace since then, with the first enrolments expected to begin in the latter half of 2024.
A dedicated project team in the Department of Social Protection is solely focused on implementing the agreed design, including by drafting the necessary legislation that will underpin it, designing the organisational structures and the technical system to operate it, and communicating this landmark reform to stakeholders and the public.
It is my intention to publish the AE Bill during this current session of the Dáil, with initiation of its passage through the Oireachtas immediately thereafter. This will be a major milestone in progressing towards the implementation of AE.
Investment of participants’ contributions will be managed by commercial investment managers whose services will be procured by the Central Processing Authority (CPA) through an open tender process. These contracts will be tendered for periodically with options for extension. The investment service to be provided to the CPA will be set out in detail in the resulting contracts.
My Department continues to work intensively on putting the administrative and operational processes in place, in order to ensure that contributions in the AE system can commence in 2024. Specifically in relation to the procurement of investment management service providers, the Department is currently engaged in a market research exercise which will inform the specification of requirements for this tendering process to commence early in 2024.
I hope this clarifies the matter for the Deputy.
