Seanad debates

Wednesday, 19 June 2024

Automatic Enrolment Retirement Savings System Bill 2024: Committee and Remaining Stages

 

10:30 am

Photo of Marie SherlockMarie Sherlock (Labour) | Oireachtas source

I move amendment No. 34:

In page 42, line 31, to delete “years 7 to 9” and substitute “years 4 to 6”.

In terms of the period of time where the Bill allows for seven years to consider those employees who are currently in exempted employment, there is a concern that employees who will not currently be covered by auto-enrolment will be waiting for seven years and we want to reduce that period to between years four and six. I am not clear, and the Minister might provide clarity, as to why years seven to nine were decided. It appears to be somewhat arbitrary. I may have asked this question on Second Stage as to whether the Pensions Authority was consulted and what expert opinion was relied upon with regard to this provision for years seven to nine. Ultimately our appeal is to shorten the period upon which these workers will be brought into the auto-enrolment scheme because we see there will be lost years of the State 's and perhaps the employers' contributions towards those who have a PRSA or are in an occupational pension scheme. There is a wider question as to what employers will do to their occupational pension schemes when auto-enrolment is up and running. Our precise point is the length of time it will take for these workers to be brought into the system. What information or guidance has the Minister received from the Pensions Authority on years seven to nine or what other expert advice was received by the Minister with regard to this provision?

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