Dáil Éireann Debate, Tuesday - 5 April 2011
192 Deputy Seamus Kirk asked the Minister for Social Protection if she will review the regulation of private pension so that those in financial difficulty can access their pension funds before retirement; and if she will make a statement on the matter. [6395/11]
Amharc ar fhreagraThe overall objective of the pension system is to ensure that people have an adequate income in retirement. At present only 50% of workers have a private pension, with low levels of coverage among moderate to middle incomes a particular concern. In addition, it is also evident that many of those in pension schemes are not contributing at a level which will secure an adequate pension in retirement. While the State pension is expected to provide sufficient retirement income for the lowest paid workers, most people will have a significant income gap if they do not make some provision for a private pension. The issue around the adequacy, coverage and sustainability of pension provision are being addressed through a range of measures outlined in the National Pensions Framework which was published in March 2010.
The aim of the framework is to deliver security, equity, choice and clarity for the individual, the employer and the state. It also aims to increase pension coverage, particularly among low to middle income groups and to ensure that State support for pensions is equitable and sustainable.
The Government is aware of the suggestions that persons in financial difficulty should have access to pension funds. There is however no proposal, at present, to provide such access.
