Heather Humphreys (Cavan-Monaghan, Fine Gael) | Oireachtas source

There is no evidence of displacement. The evidence in the UK is that employers have improved schemes and membership has increased since the introduction of automatic enrolment rather than decreased, which is good. We want to see more pension coverage.

Amendment No. 3 relates to occupational pensions. They do not come within the scope of this Bill or the functions of the authority, NAERSA, and it would not be appropriate to add the proposed function to those of the authority.

The section which amendment No. 3 seeks to amend concerns the annual report of the authority and covers an overview of its activities and complaints, reviews and appeals. It also provides for the periodic review of the performance of investment funds. These are all appropriate to the authority. However, with regard to occupational pension schemes, there is already a State body charged with overseeing the operation of and coverage provided by them. That, of course, is the Pensions Authority. Part of the statutory duty of the Pensions Authority under the Pensions Act is to monitor and supervise the operation of that Act and pension developments generally, to carry out prudential supervision of pension schemes, and to ensure the stability and soundness of those schemes. Therefore, I intend to leave that function with the Pensions Authority and not to overburden the auto-enrolment authority with doing this. For that reason, I do not propose to accept these amendments. At the minute, with the way NAERSA is constituted, it will not have the powers to get the information on all the occupational schemes. That is not in its remit per se.

I do not propose to accept amendment No. 4. I believe it is already provided for. Statistical reporting in respect of investment funds is provided for in section 40(3) of the Bill. This includes periodic reporting on the performance of these funds and any other matters that are considered to be appropriate to report on.