Dáil debates

Wednesday, 22 May 2024

Automatic Enrolment Retirement Savings Systems Bill 2024: Report and Final Stages

 

2:35 pm

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

I have outlined to the Deputy the reasons I cannot accept it. I have worked with the Deputy many times. Having good ideas and trying to accommodate them has nothing to do with the colour of the party, and I believe that is accepted by the Deputy. If there is a good idea that will benefit people and I can take it on board, then I will certainly give it consideration, but in this case, leaving the Bill as is means the standards will be worked out and set by the end of year 6 at the latest. I give the Deputy the commitment that, if we can do so sooner, then we will, but I do not want to promise something that will not happen. Year 7 is not that far away. At that stage, the employer and employee contribution rates should be moving from 3% to 4.5%. The latter is closer to most employment-based schemes, which are generally around 5% for employers and employees.

Employers will not have the power to compel people to join voluntary schemes if automatic enrolment is better for employees.

As the Deputy said, what all of us are trying to do is provide a pension scheme for the 800,000 people who do not have pensions. I cannot accept the amendment.

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