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Universal Retirement Savings Group

Dáil Éireann Debate, Thursday - 22 March 2018

Thursday, 22 March 2018

Ceisteanna (290)

Thomas P. Broughan

Ceist:

290. Deputy Thomas P. Broughan asked the Minister for Employment Affairs and Social Protection the work undertaken by the universal retirement savings group since its establishment in February 2015; the number of meetings held; the reports published; the persons or organisations which the group has met with; and if she will make a statement on the matter. [13454/18]

Amharc ar fhreagra

Freagraí scríofa

In 2015, the last Government established a Universal Retirement Savings Group (URSG) to consider the constituent factors involved in constructing an efficient and effective universal supplementary retirement savings system. The work of the URSG concentrated on whether the optimal model would be one which would be mandatory for all workers currently without supplementary retirement savings or one which would automatically enrol those without supplementary retirement savings, whilst allowing individuals to opt out should they so choose.

The URSG comprised of Assistant Secretary level representatives from a range of Departments/Agencies and included experts from the UK Department for Work and Pensions and the OECD. The URSG met as a full group on 6 occasions during 2015. The Group did not publish a report but rather presented conclusions to an Ad Hoc Ministerial Group on Pensions in January 2016.

In undertaking its work, to facilitate input from and engagement with sectoral interests, the URSG consulted with consumers and advocate groups, the pensions industry and with employers and employee representatives. This included an ‘Invitation for Submissions’ which was issued to approximately 35 industry/employer/trade union/consumer and advocate groups. Representatives of the URSG subsequently met with many of the sectoral interests to discuss the submissions received and allow further articulation of views. Officials also engaged with a range of overseas experts and officials with an experience in delivery of similar pension reforms internationally.

The Deputy will be aware that the Government recently launched its ‘Roadmap for Pensions Reform 2018-2023’. Strand 2 of the Roadmap relates to 'Building Retirement Readiness’ and confirms the Government’s intention to develop, and begin the implementation of, a State sponsored supplementary retirement savings system. This system will see workers automatically enrolled into a quality assured savings vehicle. They will make personal contributions from earnings and also receive financial support from employers and the State, whilst they will retain the right to opt-out should they so choose. Plans for ‘automatic enrolment’ have been informed by the work undertaken by the URSG and the Roadmap details the steps that will now be taken to provide that workers can be enrolled into this new system by 2022. Government decisions relating to the organisational structure and detailed design of the system will be made after a national consultation process on automatic enrolment which will begin in quarter 2 of this year.

I hope this clarifies the matter for the Deputy.

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