Dáil Éireann Debate, Thursday - 21 March 2024
245. Deputy Richard Bruton asked the Minister for Social Protection the role, if any, which MABS plays in advising on pension and financial planning for old age; and if she has considered developing a programme in mid-career by MABS which would equip people to plan better for their retirement. [13552/24]
View answerCitizens Information Board (CIB) is a statutory body under the aegis of my Department, and it funds the Money Advice and Budgeting Service (MABS) to provide free advice and support to people on debt and money management issues, in particular those on low income.
MABS also provides support to people in mortgage arrears and is the gateway to Abhaile - the National State Funded Mortgage Arrears Resolution Service.
While MABS can provide advice on savings, including long-term savings for pensions, its main remit, in accordance is to provide advice to individuals in relation to personal debt and money management.
I understand that there are currently no plans to develop a specific programme in MABS on pension or financial planning for old age. However, MABS has been recognised by Age Friendly Ireland in supporting people in this age profile, by providing support with managing bills (particularly for people who are widowed) and with payments plans through budgeting and will continue to seek to provide important advice and support to people in relation to their money management issues.
In relation to the broader issue of pensions, as you will be aware, my Department is introducing Ireland's first ever Auto Enrolment scheme. This scheme will address low pension coverage and adequacy in retirement, by providing a retirement savings scheme to those over 23 years of age, earning more than €20,000, and who have no pension coverage. These individuals would otherwise be totally reliant on the State Pension on retirement. The Auto Enrolment scheme is due to commence at the end of 2024.
