Automatic Enrolment Retirement Savings System Bill 2024: Committee and Remaining Stages
Seanad Éireann — 2024-06-19
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Heather Humphreys (FG), Cavan-Monaghan

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 employments that will be exempt from the requirement to make automatic enrolment contributions. The Bill sets out that the Pensions Authority will assist the new authority in this work over the coming years. The Pensions Authority will be involved and is happy to work with us. This work will be completed by the end of year six, at the very latest.
As most contribution rates in employment-based schemes are around 5% for employers and employees, the issue is not particularly relevant until contribution rates in automatic enrolment are up at comparable levels.
Excuse me, I will have to go to the vote.

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Record URI: https://data.oireachtas.ie/akn/ie/debateRecord/seanad/2024-06-19/debate/main
Retrieved: 2026-08-14T04:53:05+00:00
Sitting date: 2024-06-19