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Pensions Reform

Dáil Éireann Debate, Wednesday - 27 February 2019

Wednesday, 27 February 2019

Ceisteanna (208)

Catherine Martin

Ceist:

208. Deputy Catherine Martin asked the Minister for Employment Affairs and Social Protection when a calculator for the total contributions pension will be in place via the Pensions Authority; and if she will make a statement on the matter. [9783/19]

Amharc ar fhreagra

Freagraí scríofa

Regulation and supervision of State Pensions does not come under the remit of the Pension Authority. Therefore it has no role in the provision of information in relation to the State pension. The Pensions Authority regulates occupational pension and private pensions.

The Government intends to introduce a Total Contributions Approach (TCA) to establishing the level of entitlement for all new state pension contributory claims from 2020 onwards (TCA2020).

I launched a public consultation on the design of the full TCA to be introduced from 2020 on the 28th of May to which a wide variety of stakeholder groups were invited. A number of workshops were also held on the day to elicit views and feedback. All Oireachtas members were invited to a detailed briefing in Leinster House by my officials shortly afterwards. The consultation was open for over 3 months and the Department received almost 300 responses from individuals and organisations.

I have recently been provided with an analysis of the views submitted in the consultation. I intend to bring a proposal to Government shortly, setting out the details of the scheme. When the Government has agreed the approach to be taken, I will initiate the work required to introduce this reform, including the necessary legislation and systems development. People will be informed of the details of the scheme as soon as possible, following the Government decision.

Following the replacement of the existing Yearly Average approach with the Total Contributions Approach, the calculation of benefit levels under the State pension (contributory) should become significantly less complex, and it is intended to review, at that stage, the provision of information regarding future entitlements.

I hope this clarifies the matter for the Deputy.

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