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Automatic Enrolment Retirement Savings Systems Bill 2024: Report and Final Stages (22 May 2024)

Heather Humphreys: I move amendment No. 19: In page 42, line 4, to delete “RACs.” and substitute “RACs, and”.

Automatic Enrolment Retirement Savings Systems Bill 2024: Report and Final Stages (22 May 2024)

Heather Humphreys: I move amendment No. 20: In page 42, between lines 4 and 5, to insert the following: “(d) standards to apply for the purposes of section 51 in relation to PEPPs.”.

Automatic Enrolment Retirement Savings Systems Bill 2024: Report and Final Stages (22 May 2024)

Heather Humphreys: I move amendment No. 21: In page 42, line 12, to delete “or qualifying trust RAC” and substitute “, qualifying trust RAC or qualifying PEPP”.

Automatic Enrolment Retirement Savings Systems Bill 2024: Report and Final Stages (22 May 2024)

Heather Humphreys: I acknowledge that Deputy Sherlock only has the best of intentions with amendment No. 22, but I am afraid that, as on Committee Stage, I am unable to accept it. While this amendment might seem like a straightforward proposal and I accept the Deputy's bona fides in tabling it, a range of complexities mean it will require time to determine the appropriate standards that should apply in respect...

Automatic Enrolment Retirement Savings Systems Bill 2024: Report and Final Stages (22 May 2024)

Heather Humphreys: 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,...

Automatic Enrolment Retirement Savings Systems Bill 2024: Report and Final Stages (22 May 2024)

Heather Humphreys: I move amendment No. 23: In page 47, line 14, to delete “Regulations may prescribe” and substitute “The Authority may specify, and publish on a website maintained by or on behalf of the Authority, requirements as to”.

Automatic Enrolment Retirement Savings Systems Bill 2024: Report and Final Stages (22 May 2024)

Heather Humphreys: The website will clearly state where the investments are made. We do not want to lose the point here. This is not State funding or State money. This is the money of the members and they have a right to know where it is going. For that reason, we are going to make sure that NAERSA produces data on the types of investment held by the investment management providers. It will ensure that...

Automatic Enrolment Retirement Savings Systems Bill 2024: Report and Final Stages (22 May 2024)

Heather Humphreys: I move amendment No. 12: In page 35, line 37, to delete “the website” and substitute “a website maintained by or on behalf”. This group of amendments has been identified by the Office of the Parliamentary Counsel and are once again primarily of a technical nature. In the main, they relate to standardising the wording associated with how NAERSA will specify...

Automatic Enrolment Retirement Savings Systems Bill 2024: Report and Final Stages (22 May 2024)

Heather Humphreys: I move amendment No. 13: In page 38, to delete line 30.

Automatic Enrolment Retirement Savings Systems Bill 2024: Report and Final Stages (22 May 2024)

Heather Humphreys: I move amendment No. 14: In page 41, line 8, to delete “or qualifying trust RAC” and substitute “, qualifying trust RAC or qualifying PEPP”. This group of amendments is essentially technical. It puts PEPPs, which are the pan-European personal pension funds, alongside other existing pension products that are available and regulated in Ireland and are relevant...

Automatic Enrolment Retirement Savings Systems Bill 2024: Report and Final Stages (22 May 2024)

Heather Humphreys: I move amendment No. 15: In page 41, line 17, to delete “or qualifying trust RAC” and substitute “, qualifying trust RAC or qualifying PEPP”.

Automatic Enrolment Retirement Savings Systems Bill 2024: Report and Final Stages (22 May 2024)

Heather Humphreys: I move amendment No. 16: In page 41, between lines 34 and 35, to insert the following: “(7) For the purpose of this section, a “qualifying PEPP” means— (a) if standards in relation to PEPPs apply for the purposes of this section under regulations made under section 52, a PEPP which meets those standards, or (b) in any other case, any PEPP.”.

Automatic Enrolment Retirement Savings Systems Bill 2024: Report and Final Stages (22 May 2024)

Heather Humphreys: I move amendment No. 17: In page 41, line 36, to delete “the Pensions Act 1990.” and substitute “the Pensions Act 1990, and “PEPP” has the same meaning as in Regulation (EU) No. 2019/1238 of the European Parliament and Council of 20 June 2019.”.

Automatic Enrolment Retirement Savings Systems Bill 2024: Report and Final Stages (22 May 2024)

Heather Humphreys: One of the most important skills anybody on this board would have is financial skills and the ability to make good judgment when investments are being are being considered. I absolutely recognise the mandate and the key role ICTU has in representing workers. I do not want to tie the hands of any future Minister. If an application is made through the PAS, I have no doubt the Minister of the...

Automatic Enrolment Retirement Savings Systems Bill 2024: Report and Final Stages (22 May 2024)

Heather Humphreys: I move amendment No. 8: In page 25, line 21, to delete “Authority” and substitute “Board”.

Automatic Enrolment Retirement Savings Systems Bill 2024: Report and Final Stages (22 May 2024)

Heather Humphreys: I move amendment No. 9: In page 28, line 18, to delete “the services of any service provider” and substitute “persons to provide services, other than investment management services,”.

Automatic Enrolment Retirement Savings Systems Bill 2024: Report and Final Stages (22 May 2024)

Heather Humphreys: I move amendment No. 10: In page 28, line 34, to delete “engaged under this section”.

Automatic Enrolment Retirement Savings Systems Bill 2024: Report and Final Stages (22 May 2024)

Heather Humphreys: I move amendment No. 11: In page 35, lines 3 to 6, to delete all words from and including “The” in line 3 down to and including line 6 and substitute the following: “The Authority shall publish on a website maintained by or on behalf of the Authority— (a) aggregate statistical data relating to participation in the automatic enrolment retirement savings...

Automatic Enrolment Retirement Savings Systems Bill 2024: Report and Final Stages (22 May 2024)

Heather Humphreys: I move amendment No. 1: In page 10, between lines 1 and 2, to insert the following: “ “contributing participant” shall be construed in accordance with section 57;”. These amendments are purely technical in nature. They are standardising the language in the Bill and improving its coherence. They have been identified by the Office of the Parliamentary...

Automatic Enrolment Retirement Savings Systems Bill 2024: Report and Final Stages (22 May 2024)

Heather Humphreys: I move amendment No. 2: In page 10, to delete line 2 and substitute the following: “ “contribution” means a participant contribution, an employer contribution or a State contribution;”.

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