Oireachtas Joint and Select Committees

Thursday, 11 October 2018

Joint Oireachtas Committee on Social Protection

Automatic Enrolment Retirement Savings System: Discussion

10:00 am

Photo of John CurranJohn Curran (Dublin Mid West, Fianna Fail) | Oireachtas source

I will come to Deputy Brady next. It will take half a century for the scheme to be fully operational, by the time it gets up to 6% and somebody having the opportunity to pay into it for 45 years. This is way down the road. When the scheme is initially introduced, there will be people who have been in work for ten years or who have been working for 20 or 30 so they will be in transition. They will never get the full pot to bring them to 60% or whatever. Are they still restricted to the 6% of earnings or is there an opportunity for them to pay in at a top-up rate to increase that pot?

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