Oireachtas Joint and Select Committees
Wednesday, 15 February 2023
Joint Oireachtas Committee on Social Protection
General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed)
Mr. Tim Duggan:
That is going to get worse as time goes on. Various actuarial reviews have shown, and I suspect the one that is about to come will show, that, writ large, over the next 30, 40 or 50 years there will be a requirement for hundreds of billions to supplement that. If the Deputy is using that as the basis for now also layering on top of it yet another requirement for the Government to pay out how much more in pensions – is it double? - that just becomes a phenomenal issue. That is the context in which it has to be considered. We have to look at it in the context of what the projections are for the Social Insurance Fund based on the current system.
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