Paul Gogarty (Dublin Mid West, Independent)

I have a number of questions regarding the auto-enrolment scheme. I welcome the broad thrust of the scheme. The idea of people starting from an early age making contributions towards their pensions as they reach retirement age is a good one in principle, as is the sense of making the employers contribute. However, as Deputy Collins said, there is an issue with the State not contributing enough. I see from the website for the scheme that the National Automatic Enrolment Retirement Savings Authority will be the independent body set up. I would be grateful if during his contribution the Minister could elaborate on this independent body, what sort of oversight it will have and also who monitors it. I have had constituents mention to me in the past that some of their pensions were wiped out during the economic downturn. My main query or fear on behalf of constituents who raised this with me is what will stop this from happening again if at some stage we go into a downturn. People thought their money was set aside and was safe. Is there a copper-fastened guarantee to ensure this money will not be eaten into down the line and that it will be ring-fenced for what it is supposed to be? In this respect, I am curious as to why it is being called a saving scheme rather than a pension scheme. I know Members of the House on the Government side are calling it a pension but it is being called a saving scheme on the website and in that context I wonder why because it is contributing towards the pension.

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