Naoise Ó Cearúil (Kildare North, Fianna Fail)

I welcome the auto-enrolment scheme. My Future Fund is a key aspect of the programme for Government. I commend the Minister on the work he has done to date on bringing it forward. If we look to our counterparts across Europe, the UK, for example, introduced auto-enrolment in 2012, Italy did so 2007 and Estonia in 2002. It is about time that we moved towards auto-enrolment. The thing about it is that is will ensure people's security in old age. For far too long, we have seen pensioners, particularly those on the State pension, struggling to heat their houses and pay for their groceries. Auto-enrolment expands pensions to the wider population. Only 35% of private sector workers have pensions. That is extremely worrying when we have a growing population and an ageing population. Having that security net of a pension in the future ensures that when people reach older age, they will be able to live in some comfort and not be worrying about when the next pay cheque is coming or from where the next few euro are coming.

When we look at the investment strategies, we can see that there are to be four strategies and one default strategy. What is critical is that those who have signed up to auto-enrolment and employers are made aware of where their money is being invested. Many people will know that private pensions are spread throughout numerous equities and companies. When we speak about boycotting certain companies and the ethics of other companies as well, it is critical that the people who are enrolled in these pension schemes are aware of where their money is invested. They need to rest assured that it is not invested in unethical companies or in companies that do not align with their moral thinking. That is a key aspect of the investment strategy which needs to be considered if it has not been considered to date. I ask that the relevant information be given to everybody who is being auto-enrolled.

There is a natural fear among businesses in relation to auto-enrolment and the costs that come with it. However, there is an additional difficulty for the hospitality industry. We saw another restaurant announce closure in Dublin yesterday, namely Big Mike's in Blackrock. The challenges being faced by cafés and restaurants throughout the country are making it far more difficult to sustain the hospitality sector. The auto-enrolment scheme represents an additional cost for them. I ask the Minister of State that there be sustained involvement with the hospitality sector to ensure that it is insulated to ensure that this additional cost will not come at a greater cost to those in the sector in terms of the viability of their businesses.

This is a positive a step. I welcome it. As I said, it is about time it happened. However, two key aspects need to be considered in the context of auto-enrolment. The first relates to the public being made aware of where their money is being invested and the second is that the hospitality sector and businesses in general are listened to and considered, particularly in the context of the additional costs.

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