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

No apologies have been received. Members participating in the meeting remotely are required to do so from within the Leinster House complex only. I ask members and witnesses to please turn off their mobile phones or ensure that they are on silent mode. I ask members participating remotely to use the raise hand function on Microsoft Teams if they wish to contribute.

The meeting has been convened to continue our pre-legislative scrutiny of the automatic enrolment, AE, retirement savings system Bill. We will engage with representatives from Insurance Ireland in a moment.

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 pensions decisions for workers and make it easier for employers to offer a workplace pension. Under the automatic enrolment system, employees will have access to a workplace pension savings scheme which is co-funded by their employers and the State. The decision to implement an automatic enrolment system is consistent with the key recommendation contained within the OECD's review of the Irish pensions system published in 2014. The single greatest goal in Irish pensions 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 to 2023, in which it confirmed an intention to develop and implement a State-sponsored supplementary retirement savings system into which employees would automatically be 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 for the automatic enrolment retirement savings systems Bill. It is in this context we are scrutinising the general scheme.

I welcome to the meeting representatives from Insurance Ireland: Ms Moyagh Murdock, CEO; Ms Jacqueline Thornton, director of regulation and policy development; Ms Ruth NicGinneá, advocacy and public affairs manager; and Ms Nadya Lazarova, manager of regulation and policy development.

Before we begin, I will 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. However, if they are giving evidence remotely from a place outside the parliamentary precincts, they may not benefit from the same level of immunity from legal proceedings as a witness physically present does. Witnesses are reminded of the long-standing parliamentary practice that they should not criticise or make charges against any 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 a witness's statement is potentially defamatory in relation to an identifiable person or entity, the witness will be directed to discontinue such remarks. It is imperative that witnesses 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 Ms Murdock to make her opening statement.