Dáil Éireann Debate, Wednesday - 20 March 2024
734. Deputy Catherine Connolly asked the Minister for Social Protection the status of the independent external evaluation of the proposal that claims that higher financial returns can be achieved for automatic enrolment pension participants at lower costs; her plans to publish the report by the independent external evaluator; and if she will make a statement on the matter. [12066/24]
View answer738. Deputy Thomas Pringle asked the Minister for Social Protection if she will publish the Pensions Council-commissioned independent evaluation report by (details supplied) into the alternative auto-enrolled pensions proposal by a person (details supplied); and if she will make a statement on the matter. [12104/24]
View answer739. Deputy Thomas Pringle asked the Minister for Social Protection if she will publish the Pensions Council's own evaluation report into the alternative auto-enrolled pensions proposal by a person (details supplied); and if she will make a statement on the matter. [12106/24]
View answer740. Deputy Thomas Pringle asked the Minister for Social Protection if the Pensions Council has presented her with both the Pensions Council-commissioned independent evaluation report by a person (details supplied) and its own evaluation report into the alternative auto-enrolled pensions proposal by another person; and if she will make a statement on the matter. [12108/24]
View answerI propose to take Questions Nos. 734, 738, 739 and 740 together.
The introduction of an automatic enrolment (AE) system is a Programme for Government commitment and a key priority for me as the Minister for Social Protection. Under AE, employees will have access to a savings scheme, co-funded by their employer and the State. For every €3 a worker pays into it, they will have another €4 credited to their account. These contributions will then be invested, with members holding their own individual retirement savings accounts that they can drawdown when they retire. Implementation of the AE system is well underway, with the first enrolments expected late this year.
The proposal referred to in the question had been considered by officials in my Department and elsewhere previously. Then, in the context of the Pensions Council being the independent statutory body established to provide the Minister with advice on pensions matters, I requested the Council, in April 2023, to provide me with its own assessment of the proposal under five different headings.
Membership of the Council has been constituted to ensure the relevant skills, specialist knowledge and experience are in place to allow for the provision of collective advice, information and assistance in the development of pensions policy. On this particular matter, the Council additionally procured the services of an independent academic to assist with its consideration of the feasibility of the proposal.
The Council recently concluded its assessment and has now submitted its final report to me, together with a copy of its independently commissioned technical assessment. I will consider any relevant recommendations of the Council in due course.
As I understand it, the Council intends to publish both its final report and the independently commissioned technical assessment on its website in early April.
I hope this clarifies the matter for the Deputies.
