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

It has been raised with me that some people may have personal retirement savings accounts, PRSAs. The exemption of participants and employers from auto-enrolment based on their engagement with existing occupational pension schemes and PRSAs will likely be based on minimum requirement standards. My officials are currently working out the detail of how this will work for the purposes of the legislation, and in terms of the automation of the system. My understanding and preference is that no participant should be in an occupational or supplementary pension scheme that leaves him or her less well off than he or she would be under auto-enrolment. We have to work on those details as the legislation is being drafted. I have the design in place and it has gone to the Oireachtas joint committee. If the committee has some suggestions, I will be happy to hear them. If I can make the system even better, I will be happy to do that as well. It has started now, which is the most important point. The train is on the track.

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