Gerald Nash (Louth, Labour)
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565. To ask the Minister for Employment Affairs and Social Protection if his Department has instructed the successful bidders for NAERSA’s investment management services, in the context of contract negotiations, not to invest in companies and funds supporting companies included in the Database of Business Enterprises Pursuant to UN Human Rights Council Resolutions 31/36 and 53/25; if any additional advice has been provided by the Department to the successful bidders in relation to the Government’s view on Israel-related investments; what the nature of that advice involves; and if he will make a statement on the matter. [37342/25]

Dara Calleary (Mayo, Fianna Fail)
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The Programme for Government contains a commitment to introduce the Automatic Enrolment (AE) Retirement Savings System. The aim of introducing AE is to address the pension coverage gap that exists in Ireland and to provide workers with greater comfort and security regarding their retirement savings. I recently announced the system, to be known by its brand name, 'My Future Fund', will commence from 1st January 2026. 'My Future Fund' will be operated by a new statutory body: the National Automatic Enrolment Retirement Savings Authority (or ‘NAERSA’), which will oversee the new system in the best interests of the participants.

The Automatic Enrolment Retirement Savings System Act 2024 contains strong provisions with regard to ethical matters while ensuring that the best interests of participants remain to the fore. For instance, Section 74 of the Act requires investment management providers to take into account the potential long-term impact of investment decisions on environmental, social and governance factors, while acting prudently on behalf of the participants.

Additionally, in seeking providers of investment management services, the request for tender issued by my Department required each of the investment funds to have environmental, social and governance (or ‘ESG’) principals embedded into their design. Contract negotiations with the selected investment companies will be completed this summer, well in advance of the commencement of 'My Future Fund in January 2026.

It is important to note that the NAERSA will not be administering a new State fund. Rather, it will be facilitating the operation of hundreds of thousands of individual savings accounts that are, and will remain, the Constitutionally-protected personal property of the AE participants. The AE project is, in that sense, a State-incentivised personal retirement savings scheme for individuals, rather than a new national fund. In that context, it is important that AE participants' money is treated on a par with those invested in occupational or supplementary private pension schemes in line with the prudent person principle.

I hope this clarifies matters for the Deputy.