Results 4,101-4,120 of 27,613 for speaker:Heather Humphreys

Select Committee on Social Protection: Social Welfare (Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Heather Humphreys: No. I am happy to go through the amendments.

Select Committee on Social Protection: Social Welfare (Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Heather Humphreys: The ones grouped relate to the total contributions approach. These legislative provisions were not ready when I introduced the Bill, so I am now introducing them through amendments. It was proposed that we do this.

Select Committee on Social Protection: Social Welfare (Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Heather Humphreys: I move amendment No. 1: In page 5, line 21, to delete "Section 15(b)and section 51come into operation" and substitute "Section 15(b)comes into operation". I will speak generally to the total contributions approach and then to each amendment in the group individually to explain what it means. The Pensions Commission recommended the full transition to a total contributions approach only and...

Select Committee on Social Protection: Social Welfare (Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Heather Humphreys: Yes, it is the voluntary system so if someone finds they will be aged 66 next year and do not have enough contributions, based on the other legislation I am changing here, you can continue to work on and pay your contributions and get an increased benefit. That is if you were short the 40 years. The way this works is that people get the best of both worlds and it will continue to be...

Select Committee on Social Protection: Social Welfare (Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Heather Humphreys: The existing voluntary contributions will remain the same.

Select Committee on Social Protection: Social Welfare (Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Heather Humphreys: I can answer this question now. It is recognised that self-employed contributors will be affected by the TCA for the first three years, which are 2025, 2026 and 2027. This is because mandatory self-employed contributions were introduced in 1988.

Select Committee on Social Protection: Social Welfare (Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Heather Humphreys: I would not have known, that is just to clarify that.

Select Committee on Social Protection: Social Welfare (Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Heather Humphreys: Just to say that for anybody retiring next year this does not kick in until 2025. For anybody who is on the pension that is where it stays. I did ask the same question of the officials as the Deputy asked me and I am waiting to get an answer. I asked the question of how many people this would impact. It is approximately a third, a third and a third. It is people who do not have the long...

Select Committee on Social Protection: Social Welfare (Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Heather Humphreys: By 2033, approximately one third of claimants at that stage could be worse off if they do not have the long attachment to the workforce and if they do not have credits for caring periods.

Select Committee on Social Protection: Social Welfare (Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Heather Humphreys: This year?

Select Committee on Social Protection: Social Welfare (Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Heather Humphreys: Can I get those figures for the Deputy?

Select Committee on Social Protection: Social Welfare (Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Heather Humphreys: There are two things here. Number one, if people want to work for longer to earn more credits to get a better pension they can do so now up to the age of 70. That could add another five years' worth of credits. The second thing is because we are bringing in the pension for carers now, there are a lot of people who may not have been contributing because they were at home caring so when that...

Select Committee on Social Protection: Social Welfare (Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Heather Humphreys: We will come back to the Deputy with those specific figures because I know where he is coming from. He wants to know exactly how many people it will impact. I do not know how many at the minute, to be honest. We made this decision that this was a fairer system because people were coming in and starting to make contributions at age 55 and getting full pensions. All they had made...

Select Committee on Social Protection: Social Welfare (Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Heather Humphreys: No, I do not begrudge but the point can still be taken though.

Select Committee on Social Protection: Social Welfare (Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Heather Humphreys: I will get those figures for the committee.

Select Committee on Social Protection: Social Welfare (Miscellaneous Provisions) Bill 2023: Committee Stage (29 Nov 2023)

Heather Humphreys: It was part of keeping the pension age at 66. It was also believed to be a fairer system, when we were bringing in the pension for carers of more than 20 years. We are giving people the ability to work a little longer so contributions could be increased to get a bigger pension. In addition, it is anticipated that it will save somewhere in the region of €40 billion by 2070. It is...