Willie O'Dea (Limerick City, Fianna Fail) | Oireachtas source

What the Minister is talking about is an auto-enrolment scheme where one will be opted in and one can opt out if one wishes. The Minister's calculation is that, if he starts at 1% extra per annum, it would eventually rise to 6% per annum to be matched by employers and the State. Is he talking about a situation where, ultimately, when this is in place, there will be 6% extra on the individual, 6% on the employer and 6% extra on the State to provide a pension of approximately half the average wage? That was as I understood the interview.

This would be a supplement to the old age pension. Does the Minister envisage that we will not be able to continue increasing old age pensions at their present rate, and possibly even have to reduce them, but that this will be some form of supplementary income to compensate for that?

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