Strawman Consultation an Important Landmark on Road to Automatic Enrolment Pensions
Insurance Ireland has welcomed the publication of the Strawman Public Consultation Process for an Automatic Enrolment Retirement Savings System for Ireland by the Department of Employment Affairs and Social Protection.
The document provides an important framework for consideration of how to increase financial planning for retirement. Insurance Ireland supports the introduction of an automatic enrolment retirement savings system and in 2016 published a policy document on the subject called A Universal Pension for Ireland.
Speaking following the publication of the document, Kevin Thompson, CEO of Insurance Ireland stated, “Minister Regina Doherty is to be commended for her work on this document which brings auto enrolment pensions closer to fruition. Increasing pension coverage and facilitating enhanced financial planning for individuals and families are important policy goals and Insurance Ireland is committed to working with the Government to advance them. There are many aspects to the ‘Strawman’ that require further consideration including how the proposals will complement rather than undermine the financial decisions already taken by over 600,000 workers to provide for their retirement under the current system.”
Kevin concluded, “Automatic enrolment is a major policy initiative with significant considerations in terms of approaches to long term financial planning and so it must take account of a person’s interaction with the system at each stage of their working life, and their retirement. In this regard, we believe the experience of other countries that have introduced similar systems is important in considering the most appropriate policy framework and Insurance Ireland will contribute this experience, and that of our members, to the consultation process.”