Results 1,681-1,700 of 6,728 for speaker:John Curran
- Joint Oireachtas Committee on Social Protection: Business of Joint Committee (11 Oct 2018)
John Curran: As we have a quorum, we will commence in public session. Apologies have been received from Deputy Bailey. The members are welcome to this meeting of the committee. I remind members to turn off their mobile phones or to switch them to flight mode. I propose we go into private session to deal with some housekeeping matters after which we will resume in public session. Is that agreed?...
- Joint Oireachtas Committee on Social Protection: Automatic Enrolment Retirement Savings System: Discussion (11 Oct 2018)
John Curran: We have resumed in public session. I welcome Mr. Tim Duggan and Mr. Robert Nicholson. I thank them for their attendance. They are very welcome to our meeting. I will ask them shortly to make their opening statement, which we received yesterday and for which we thank them, following which members will be invited to ask questions. I draw the attention of witnesses to the fact that by...
- Joint Oireachtas Committee on Social Protection: Automatic Enrolment Retirement Savings System: Discussion (11 Oct 2018)
John Curran: Before I take questions, I have one or two technical points about which I would like clarity. The second last slide indicated benefits and the pay-out phase. It is hugely important that people understand that. It is one of the main reasons people do not take out pensions. It is because they do not have confidence in what will be there at the end of the day. The clarity, narrative and...
- Joint Oireachtas Committee on Social Protection: Automatic Enrolment Retirement Savings System: Discussion (11 Oct 2018)
John Curran: By the time somebody accumulates a pot, he or she will be 68.
- Joint Oireachtas Committee on Social Protection: Automatic Enrolment Retirement Savings System: Discussion (11 Oct 2018)
John Curran: There is no provision if somebody exits the workforce at 62 or 65 to draw down a reduced pension or anything like that.
- Joint Oireachtas Committee on Social Protection: Automatic Enrolment Retirement Savings System: Discussion (11 Oct 2018)
John Curran: The witnesses indicated that the contribution level was 1%, increasing annually to 6% - 6% for the employer and the employee, respectively, and 2% for the State. Is there any facility for an employee who feels he or she cannot afford the 6% but could afford a reduced payment or is it set at 6%?
- Joint Oireachtas Committee on Social Protection: Automatic Enrolment Retirement Savings System: Discussion (11 Oct 2018)
John Curran: Not reduced.
- Joint Oireachtas Committee on Social Protection: Automatic Enrolment Retirement Savings System: Discussion (11 Oct 2018)
John Curran: If I am not mistaken about the straw man, the contribution from the employer is tax-deductible against corporation tax. Is there tax relief on the employee's contribution?
- Joint Oireachtas Committee on Social Protection: Automatic Enrolment Retirement Savings System: Discussion (11 Oct 2018)
John Curran: So there will be winners and losers. If somebody traditionally had been on the 20%, he or she will do better - getting one and three. Someone earning €50,000 who is paying the top rate - the scheme is for those on between €20,000 and €75,000 - will do marginally less well from using the State contribution rather than tax relief. Is that correct?
- Joint Oireachtas Committee on Social Protection: Automatic Enrolment Retirement Savings System: Discussion (11 Oct 2018)
John Curran: Sorry for delaying the meeting-----
- Joint Oireachtas Committee on Social Protection: Automatic Enrolment Retirement Savings System: Discussion (11 Oct 2018)
John Curran: The witnesses quite clearly define who they are looking at. Some people out there will have pensions that would be inadequate. If they wanted to migrate to AE, does the pot they have already accumulated migrate as well or does it run its course?
- Joint Oireachtas Committee on Social Protection: Automatic Enrolment Retirement Savings System: Discussion (11 Oct 2018)
John Curran: My final question is a little complicated, as pensions issues generally are. One of the slides of the opening statement indicated that for average earnings of €38,000, somebody who gets the State pension currently would get 34% of that figure. Mr. Nicholson went on to say the Department reckons that to maintain the correct standard they would need 60%.
- Joint Oireachtas Committee on Social Protection: Automatic Enrolment Retirement Savings System: Discussion (11 Oct 2018)
John Curran: Not in the initial phases of the 1% but when the scheme is operational, say somebody is paying 6% and he or she paying for the 45 years. What percentage would that give in that scenario? Has it been worked out that it will make up the difference?
- Joint Oireachtas Committee on Social Protection: Automatic Enrolment Retirement Savings System: Discussion (11 Oct 2018)
John Curran: State pensions will still provide 34% and the remaining 26% will come from auto-enrolment.
- Joint Oireachtas Committee on Social Protection: Automatic Enrolment Retirement Savings System: Discussion (11 Oct 2018)
John Curran: The combination of the two is the 60% and the actuarial calculations back that up.
- Joint Oireachtas Committee on Social Protection: Automatic Enrolment Retirement Savings System: Discussion (11 Oct 2018)
John Curran: That was a bit complicated; I thank Mr. Nicholson.
- Joint Oireachtas Committee on Social Protection: Automatic Enrolment Retirement Savings System: Discussion (11 Oct 2018)
John Curran: I will get the answers to each speaker's question because some of the questions are more technical rather than general discussion points.
- Joint Oireachtas Committee on Social Protection: Automatic Enrolment Retirement Savings System: Discussion (11 Oct 2018)
John Curran: It frightened Deputy Brady.
- Joint Oireachtas Committee on Social Protection: Automatic Enrolment Retirement Savings System: Discussion (11 Oct 2018)
John Curran: It would be outside of the €75,000 threshold.
- Joint Oireachtas Committee on Social Protection: Automatic Enrolment Retirement Savings System: Discussion (11 Oct 2018)
John Curran: Will Mr. Nicholson respond to Deputy Joan Collins' question about the security of the fund?