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.
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.
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.
Work also continues on putting the administrative and operational processes in place, in order to ensure that contributions in the AE system can commence in the later half of 2024.
I hope that this clarifies matters for the Deputy.
