Results 1,701-1,720 of 27,613 for speaker:Heather Humphreys

Seanad: Automatic Enrolment Retirement Savings System Bill 2024: Committee and Remaining Stages (19 Jun 2024)

Heather Humphreys: I thank the Senator for bringing these forward. The Bill already sets out in section 40 that the authority will provide a comprehensive and detailed annual report. As is the nature of these things, all financial matters, including what is envisaged by the Senator, will be covered, so no amendment is needed. As for the other two amendments, one of them cannot be accepted because any...

Seanad: Automatic Enrolment Retirement Savings System Bill 2024: Committee and Remaining Stages (19 Jun 2024)

Heather Humphreys: I cannot accept any of these amendments. I want to say very clearly that this is not public money. Once it is given, it becomes the private property of the individual. I need to emphasise that NAERSA will not be administering a new State fund but, rather, will be administering hundreds of thousands of individual savings accounts that are and will remain the personal property of the...

Seanad: Automatic Enrolment Retirement Savings System Bill 2024: Committee and Remaining Stages (19 Jun 2024)

Heather Humphreys: I will say this again because I do not think it was understood the first time.Investment decisions will be the responsibility of the investment managers operating under a services contract with NAERSA. The investment strategy is set out in the Bill in quite some detail and NAERSA, in negotiating contracts with investment managers, will apply those statutory requirements. ESG arrangements...

Seanad: Automatic Enrolment Retirement Savings System Bill 2024: Committee and Remaining Stages (19 Jun 2024)

Heather Humphreys: That is not what I said.

Seanad: Automatic Enrolment Retirement Savings System Bill 2024: Committee and Remaining Stages (19 Jun 2024)

Heather Humphreys: I thank the Senator. The purpose of NAERSA is to manage all of this and to act in the interests of the participants or the members of the scheme. The objective is that it will be self-financing, but to set it up in the initial years, we need to give it powers to borrow because it takes a while for this to ramp up. That is why we are allowing it those powers.

Seanad: Automatic Enrolment Retirement Savings System Bill 2024: Committee and Remaining Stages (19 Jun 2024)

Heather Humphreys: I thank the Senator for bringing these amendments forward. I point out that NAERSA will not be established as a research institute. Ireland already has a number of world-class institutes and universities with the ability to undertake a detailed analysis of automatic enrolment and its participants in due course. I do not intend to overburden NAERSA with unnecessary matters. The Bill...

Seanad: Automatic Enrolment Retirement Savings System Bill 2024: Committee and Remaining Stages (19 Jun 2024)

Heather Humphreys: People can join the auto-enrolment scheme at any age but not after the age of 66. If someone is late coming into the scheme there are arrangements so he or she can access the scheme. If someone was joining the auto-enrolment scheme at the age of 60 it would be to his or her benefit because he or she would have a savings pot by the time of retirement because when the employer contributions...

Seanad: Automatic Enrolment Retirement Savings System Bill 2024: Committee and Remaining Stages (19 Jun 2024)

Heather Humphreys: A person cannot join after the age of 66.

Seanad: Automatic Enrolment Retirement Savings System Bill 2024: Committee and Remaining Stages (19 Jun 2024)

Heather Humphreys: This is another group of technical amendments identified by the Office of the Parliamentary Counsel as representing an improvement on the Bill as it stands. None of these amendments relates to substantive policy matters.

Seanad: Automatic Enrolment Retirement Savings System Bill 2024: Committee and Remaining Stages (19 Jun 2024)

Heather Humphreys: I will respond first. I acknowledge the Senators only have the greatest intentions with this amendment but I am afraid that, as in the Dáil, I am unable to accept it.While this amendment may seem straightforward and I accept the Senators' bona fides in tabling it, a range of complexities mean it would require time to determine the appropriate standards that should apply in respect of...

Seanad: Automatic Enrolment Retirement Savings System Bill 2024: Committee and Remaining Stages (19 Jun 2024)

Heather Humphreys: On a point of clarification, was the Senator speaking to amendments Nos. 37 and 38?

Seanad: Automatic Enrolment Retirement Savings System Bill 2024: Committee and Remaining Stages (19 Jun 2024)

Heather Humphreys: They are not grouped but they are similar, so I will answer the issues the Senator raised. That is okay. Amendments Nos. 37 and 38 relate to the power to amend the age limits and the earnings threshold.

Seanad: Automatic Enrolment Retirement Savings System Bill 2024: Committee and Remaining Stages (19 Jun 2024)

Heather Humphreys: That is all right. There are a number of relevant issues. The standards that need to be set will not only be about the contribution levels into an alternative pension scheme, as compared with the contribution levels into the AE scheme. This is about setting standards, which is the amendment. The Bill sets out clear instructions when it comes to contribution levels. They are always to be...

Seanad: Automatic Enrolment Retirement Savings System Bill 2024: Committee and Remaining Stages (19 Jun 2024)

Heather Humphreys: I thank the Senator for tabling her amendments but I do not propose to accept them. A wide range of factors will go into any future consideration of the age and earnings thresholds. We do not need to specify here a selection of those considerations. In making any decisions to amend the eligibility thresholds, section 56 will take into account the gender and equality considerations proposed...

Seanad: Automatic Enrolment Retirement Savings System Bill 2024: Committee and Remaining Stages (19 Jun 2024)

Heather Humphreys: Yes, such people can opt in. Once they opt in their employer has to make the contribution and the State does the top-up. If a person decides to opt out then he or she will only ever get back his or her own contributions.If they decide to opt out, they will only ever get their own contributions back. The rest stays in the pot. It is their pot and it stays there. When they start working or...

Seanad: Automatic Enrolment Retirement Savings System Bill 2024: Committee and Remaining Stages (19 Jun 2024)

Heather Humphreys: They only get their own contributions back if they opt out after six months. They do not get the rest. It stays in the pot. The pot is safe. The pot stays with them until they retire. Whatever is in the pot is there. That is what is important about this scheme. It will always be there for them.

Seanad: Automatic Enrolment Retirement Savings System Bill 2024: Committee and Remaining Stages (19 Jun 2024)

Heather Humphreys: I thank the Senator. The risk levels are set out in the legislation under section 69. The higher risk rating is 5, 6 and 7. The medium risk rating level is 3 or 4, and the lower risk level is "consisting of AE provider schemes with a risk rating of 1 or 2." The risks are set out with reference to European standards. It is in the legislation and we refer to the European standards.

Written Answers — Department of Employment Affairs and Social Protection: Social Welfare Benefits (19 Jun 2024)

Heather Humphreys: The Social Welfare Appeals Office is an Office of the Department of Social Protection which is responsible for determining appeals against decisions in relation to social welfare entitlements. Appeals Officers are independent in their decision making functions. The Social Welfare Appeals Office has advised me that a Supplementary Welfare Allowance appeal by the person concerned was...

Written Answers — Department of Employment Affairs and Social Protection: Social Welfare Benefits (19 Jun 2024)

Heather Humphreys: The Social Welfare Appeals Office is an Office of the Department of Social Protection which is responsible for determining appeals against decisions in relation to social welfare entitlements. Appeals Officers are independent in their decision making functions. The Social Welfare Appeals Office has advised me that a decision on this case was issued to the person concerned on 14 June...

Written Answers — Department of Employment Affairs and Social Protection: Social Welfare Benefits (19 Jun 2024)

Heather Humphreys: The Free Travel scheme is available to people over 66 years and to people in receipt of certain social welfare payments who are under 66 years. From 29th July 2024, Free Travel is also available to persons who are medically certified as unfit to drive for a period of at least 12 months. Free Travel recipients must be permanently resident in the State. The scheme permits travel for free...