Results 1-13 of 13 for pension segment:8891097

Automatic Enrolment Retirement Savings System Bill 2024: Second Stage (Resumed) (17 Apr 2024)

Patrick Costello: ...is important to underline the need for these investments to be sustainable into the future. As is often said at climate change protests, there are no jobs on a dead planet. There is no need for a pension if climate change is going to eradicate society as we know it or if it is going to cause such disturbance that pension pots are essentially worthless because runaway climate change has...

Automatic Enrolment Retirement Savings System Bill 2024: Second Stage (Resumed) (17 Apr 2024)

Heather Humphreys: ...welcome from all sides of the House for the core idea of auto-enrolment, which is to find a way to provide workers with an additional income in retirement over and above the level of the State pension. I will try to use this opportunity to respond to some of the common issues raised by Deputies during the course of the debate. The first point I want to make is about the new national...

Automatic Enrolment Retirement Savings System Bill 2024: Second Stage (Resumed) (17 Apr 2024)

Richard Bruton: There is a great need. I have not seen the most up-to-date figures but from recollection I believe that about 40% of people in the workforce do not have any pension cover. That applies to both men and women although it is probably more acute with women, so there is a huge gap. The legislation begins to address some of the anomalies concerning how we treat pensions provision. We have a...

Automatic Enrolment Retirement Savings System Bill 2024: Second Stage (Resumed) (17 Apr 2024)

Leo Varadkar: ...important. It is very real progress that we need to make as a State. I know this from my own time as Minister for Social Protection between 2016 and 2017, it was part of our work programme and the pensions roadmap. It is great to see that so much has been done by the Minister, her team and others, including the work that has been done particularly on the flexible pension age. I know...

Automatic Enrolment Retirement Savings System Bill 2024: Second Stage (Resumed) (17 Apr 2024)

Denis Naughten: As Deputy Connolly said, I will take up my 20 minutes, if that is of any assistance to people coming in. The Automatic Enrolment Retirement Savings System Bill 2024 is designed to simplify pension decisions for workers and to make it easier for employers to offer workplace pensions. Under auto-enrolment, employees will have access to a workplace pension savings scheme, which is co-funded by...

Automatic Enrolment Retirement Savings System Bill 2024: Second Stage (Resumed) (17 Apr 2024)

Willie O'Dea: ...differences in how they operate as opposed to what is proposed here. The one thing that this legislation will achieve is that it will make a small dent - I would not say a very significant dent - in the pensions apartheid we have in this country. When I mention pensions apartheid, I make the distinction between the public and private sector. A recent actuarial report revealed that the...

Automatic Enrolment Retirement Savings System Bill 2024: Second Stage (Resumed) (17 Apr 2024)

Catherine Connolly: ...and to help those on lower to middle incomes to accumulate retirement funds. I recognise in the citizens' assembly that 87% of its members agreed that there should be some form of mandatory pension scheme. Then, of course, from a market consumer demand perspective, the ESRI research indicates that over the longer term, this automatic enrolment will be good for the economy as retired...

Automatic Enrolment Retirement Savings System Bill 2024: Second Stage (Resumed) (17 Apr 2024)

Danny Healy-Rae: ...the VAT and the holidays. It is grand to give holidays to people and it is powerful, but someone has to pay for it and it is businesses that have to do it. This is not clear at all. Will this pension be on top of the pension that people are getting already? How many years of contributions are needed to get a full contributory pension? The Minister has said it is from the age of 23 to...

Automatic Enrolment Retirement Savings System Bill 2024: Second Stage (Resumed) (17 Apr 2024)

Michael Collins: This Bill is a significant step towards enhancing pension coverage in Ireland. However, like any legislation, it has its share of challenges and potential disadvantages. Employers will be required to contribute to the retirement saving system. For some smaller businesses, this additional financial burden may pose a challenge. While automatic enrolment aims to increase participation, some...

Automatic Enrolment Retirement Savings System Bill 2024: Second Stage (Resumed) (17 Apr 2024)

Jennifer Murnane O'Connor: Deputy O'Dea is sharing with Deputy Crowe. That is fine. I thank the Minister, and as we know, auto-enrolment is a sort of mandatory pension system where employees are auto-enrolled into a quality-assured retirement savings system with freedom of choice to opt out. I am going to ask the Minister about that in a minute. It is important that we give employees the option. This new system...

Automatic Enrolment Retirement Savings System Bill 2024: Second Stage (Resumed) (17 Apr 2024)

Mattie McGrath: ...an gCeann Comhairle. I am not sure if my other colleagues will be joining us. I am glad to be able to speak today on this as well. While it is of vital importance and very noble that we have a pension for employees who are not in the public sector, this is coming on top of so many other pieces of regulation and bureaucracy, especially for small businesses. I have to declare an...

Automatic Enrolment Retirement Savings System Bill 2024: Second Stage (Resumed) (17 Apr 2024)

Éamon Ó Cuív: ...and I would rather the State would have that money. I was impressed by the contribution made by Deputy Gannon during yesterday's debate. He raised some interesting issues. One of the obvious questions is why we are not going towards a pay-related State pension. That goes to a fundamental issue that cannot be answered by the Minister, by me or by anyone else. It is a dread thought...

Automatic Enrolment Retirement Savings System Bill 2024: Second Stage (Resumed) (17 Apr 2024)

Matt Shanahan: ..., Community and Rural Development, and the Islands, and he will speak for 20 minutes later. He has a lot more detail than I have. Automatic enrolment seeks to address the present position of a pension coverage gap and will apply to all employees who meet an age criterion and certain other criteria but are not already a part of an occupational pension plan. It is proposed that...