Denis Naughten (Roscommon-Galway, Independent) | Oireachtas source

We have not received any apologies. Members participating in the meeting remotely are required to do so from within the precincts of the Leinster House complex only. I ask that members and witnesses turn off their mobile phones as they interfere with the broadcasting equipment. I ask members of the committee who are participating remotely to please use the raise hand icon on Microsoft Teams if they wish to contribute.

The meeting has been convened to discuss the automatic enrolment retirement savings scheme Bill. Automatic enrolment has been discussed for decades in Ireland. We are currently the only OECD country that does not operate an automatic enrolment or similar system as a means of promoting pension savings. The new system is designed to simplify the pensions decision for workers and make it easier for employers to offer a workplace pension. Under automatic enrolment, employees will have access to a workplace pension savings scheme, which is co-funded by their employer and the State. Auto-enrolment includes a number of key features. An initial 750,000 workers will be enrolled into the new workplace pension scheme and that number will grow significantly over time. Participation in the new scheme will be voluntary. Workers will have the ability to opt out or suspend participation for periods of time. The scheme will include matching employer contributions and a State top-up. For every €3 saved by a worker, a further €4 will be credited to their savings account.

The decision to implement an automatic enrolment system is consistent with the key recommendation contained in the OECD's review of the Irish pension system, published in 2014, that the single greatest goal in Irish pension policy should be to increase the supplementary pension coverage rate through the introduction of a mandatory or quasi-mandatory earnings related system. In response, in March 2018, the then Government published A Roadmap for Pensions Reform 2018-2023, in which it confirmed its intention to develop and implement a State-sponsored supplementary retirement savings system into which employees would be automatically enrolled. In June 2020, the Programme for Government: Our Shared Future reaffirmed this commitment to introduce an automatic enrolment system. In line with this commitment, the Government approved the final design principles in March of this year.

The Government has now approved the general scheme of the automatic enrolment retirement savings system Bill and has referred the general scheme to the Office of the Parliamentary Counsel for priority drafting. In this regard, I welcome Mr. Tim Duggan, assistant general secretary; Ms. Clare Dowling, principal officer; and Mr. Ciaran Diamond, assistant principal officer, Department of Social Protection.

Before we start, I wish to explain some limitations to parliamentary privilege and the practice of the Houses as regards references that may be made to other persons in evidence. The evidence of witnesses physically present or who give evidence from within the parliamentary precincts is protected pursuant to both the Constitution and statute by absolute privilege. Witnesses are reminded of the long-standing parliamentary practice that they should not criticise or make charges against a person or entity by name or in such a way as to make him, her or it identifiable, or otherwise engage in speech that might be regarded as damaging to the good name of the person or entity. Therefore, if their statements are potentially defamatory in relation to any identifiable person or entity, they will be directed to discontinue such remarks. It is imperative they comply with any such direction. Members are reminded of the long-standing parliamentary practice to the effect that they should not comment on, criticise or make charges against a person outside the Houses or an official either by name or in such a way as to make him or her identifiable.

I call Mr. Duggan to make his opening statement.