Heather Humphreys (Cavan-Monaghan, Fine Gael) | Oireachtas source

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 in the amendment and the periodic review, in section 43, will encompass a broad range of matters. Therefore, I am not convinced of the merits of these amendments and I do not proposed to accept them.

The earnings threshold of €20,000 was decided upon after careful consideration and public consultation. This is all about striking a balance between savings and impoverishment. However, recognising that some workers, under this threshold, may want to participate in the scheme there will be an option for those earning under €20,000 to opt in to the system.

Regarding the lower age threshold, as the draw down age for automatic enrolment will be linked to the State pension age, which is 66 years, this means that members who join automatic enrolment at the age of 23 will have a potential 43 years of savings. It is also important to note that any employee below the age threshold will still have the choice to opt in, if he or she so wishes.