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

I have received apologies from Senator Garvey.

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 or ensure they remain in silent mode. I ask members of the committee who are participating remotely to use the raise-hand icon on Microsoft Teams if they wish to contribute.

This morning's meeting has been convened to continue our pre-legislative scrutiny of the automatic enrolment retirement savings system Bill 2022. We will engage with representatives from Irish Life in a moment, followed by representatives from the Pension Authority. 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 co-funded by their employer and the State.

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, namely 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 the commitment to introduce an automatic enrolment system. In line with this commitment, the Government approved the final design principles in March 2022.

The Government has now approved the general scheme of the automatic enrolment retirement savings system Bill. It is in this context that we are scrutinising the general scheme. I welcome to the meeting today representatives from Irish Life: Mr. Declan Bolger, chief executive officer of Irish Life Group, Mr. Oisin O'Shaughnessy, managing director of corporate business, and Ms Teresa Kelly Oroz, head of public policy. They are all very welcome this morning.

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 on Mr. Bolger to make his opening statement.