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Automatic Enrolment Retirement Savings System Bill 2024: Second Stage (Resumed) (17 Apr 2024)

Sitting suspended at 7.10 p.m. and resumed at 7.31 p.m.

Automatic Enrolment Retirement Savings System Bill 2024: Second Stage (Resumed) (17 Apr 2024)

Patrick Costello: I rise to underline some of the elements from the pre-legislative scrutiny report that would strengthen the Bill but are strong enough in the legislation as written. When the committee considering the matter, it highlighted important things in relation to the governance framework, sustainability, environmental, social and governance factors, divestment from fossil fuels, prohibition of...

Automatic Enrolment Retirement Savings System Bill 2024: Second Stage (Resumed) (17 Apr 2024)

Heather Humphreys: I thank all the Deputies for their contributions. I have listened intently to all the suggestions and views that have been put forward. There are some areas of difference. Some are quite fundamental to the Government's agreed design. It is fair to say that there has been a broad welcome from all sides of the House for the core idea of auto-enrolment, which is to find a way to provide...

Automatic Enrolment Retirement Savings System Bill 2024: Second Stage (Resumed) (17 Apr 2024)

Richard Bruton: There is a great need. I have not seen the most up-to-date figures but from recollection I believe that about 40% of people in the workforce do not have any pension cover. That applies to both men and women although it is probably more acute with women, so there is a huge gap. The legislation begins to address some of the anomalies concerning how we treat pensions provision. We have a...

Automatic Enrolment Retirement Savings System Bill 2024: Second Stage (Resumed) (17 Apr 2024)

Leo Varadkar: I thank the Cathaoirleach Gníomhach for the opportunity to share some thoughts and reflections on the legislation before us. I welcome the Bill, which, of course, I will support. I want to take the opportunity to recognise the Minister, Deputy Humphreys, and her officials for bringing it to this point, and also previous Ministers such as Senator Regina Doherty and previous officials...

Automatic Enrolment Retirement Savings System Bill 2024: Second Stage (Resumed) (17 Apr 2024)

Denis Naughten: As Deputy Connolly said, I will take up my 20 minutes, if that is of any assistance to people coming in. The Automatic Enrolment Retirement Savings System Bill 2024 is designed to simplify pension decisions for workers and to make it easier for employers to offer workplace pensions. Under auto-enrolment, employees will have access to a workplace pension savings scheme, which is co-funded by...

Automatic Enrolment Retirement Savings System Bill 2024: Second Stage (Resumed) (17 Apr 2024)

Willie O'Dea: I am informed that I am sharing with Deputy Cathal Crowe but if he does not appear, I will continue on. I thank the Cathaoirleach Gníomhach very much and I am very reluctant to interrupt Deputy Healy-Rae whose speech I was enjoying immensely. I sincerely congratulate the Minister on bringing this legislation forward. It is very timely in view of the fact that it has been...

Automatic Enrolment Retirement Savings System Bill 2024: Second Stage (Resumed) (17 Apr 2024)

Catherine Connolly: ...done my best to understand it. It is difficult not coming from a financial background. There are 141 sections and nine Parts or 79 Parts; I have forgotten. I have tried my best. Let us look at what the Minister is telling us. She is telling us that there are twin goals and I acknowledge the work that the Department has put in. The twin goals of this automatic enrolment system is...

Automatic Enrolment Retirement Savings System Bill 2024: Second Stage (Resumed) (17 Apr 2024)

Richard O'Donoghue: As an employer, I believe that we should work for the future. I am very lucky with the people I employ - the family as I call them. I have been self-employed all my life and I believe that working together, we create businesses together and we support one another's families. Businesses across all sectors are feeling the pinch. The only place not feeling the pinch is the Government...

Automatic Enrolment Retirement Savings System Bill 2024: Second Stage (Resumed) (17 Apr 2024)

Danny Healy-Rae: I am glad to get the opportunity to talk on this very serious matter. I am an employer, as was my father going back to 1955 and my son now operates the business. That is almost 70 years. Friday evening, pay day, comes very quickly for businesses. This could be the best country in the world if it was managed properly. TDs on this side of the House are saying the country is awash with...

Automatic Enrolment Retirement Savings System Bill 2024: Second Stage (Resumed) (17 Apr 2024)

Michael Collins: This Bill is a significant step towards enhancing pension coverage in Ireland. However, like any legislation, it has its share of challenges and potential disadvantages. Employers will be required to contribute to the retirement saving system. For some smaller businesses, this additional financial burden may pose a challenge. While automatic enrolment aims to increase participation, some...

Automatic Enrolment Retirement Savings System Bill 2024: Second Stage (Resumed) (17 Apr 2024)

Jennifer Murnane O'Connor: Deputy O'Dea is sharing with Deputy Crowe. That is fine. I thank the Minister, and as we know, auto-enrolment is a sort of mandatory pension system where employees are auto-enrolled into a quality-assured retirement savings system with freedom of choice to opt out. I am going to ask the Minister about that in a minute. It is important that we give employees the option. This new system...

Automatic Enrolment Retirement Savings System Bill 2024: Second Stage (Resumed) (17 Apr 2024)

Mattie McGrath: ...íochas leis an gCeann Comhairle. I am not sure if my other colleagues will be joining us. I am glad to be able to speak today on this as well. While it is of vital importance and very noble that we have a pension for employees who are not in the public sector, this is coming on top of so many other pieces of regulation and bureaucracy, especially for small businesses. I have to...

Automatic Enrolment Retirement Savings System Bill 2024: Second Stage (Resumed) (17 Apr 2024)

Éamon Ó Cuív: Caithfidh mé a rá i ndiaidh dom seo a leagadh amach, ní leor seacht nóiméad leis an méid atá le rá agamsa a rá. Déanfaidh mé mo dhícheall. Bille ollmhór é seo agus Bille an-tábhachtach atá ann. There are 141 sections and 95 pages in this Bill. I only have seven minutes to outline my thoughts and that is not...

Automatic Enrolment Retirement Savings System Bill 2024: Second Stage (Resumed) (17 Apr 2024)

Matt Shanahan: ...allotted to me. My colleague, Deputy Naughten, is the Chairperson of the Joint Committee on Social Protection, Community and Rural Development, and the Islands, and he will speak for 20 minutes later. He has a lot more detail than I have. Automatic enrolment seeks to address the present position of a pension coverage gap and will apply to all employees who meet an age criterion and...