Ireland to consider auto-enrolment
IRELAND - A Green Paper on the future of Irish pension provision due to be delivered this month will consider the UK's auto-enrolment proposals, social affairs minister Seamus Brennan has said.
Under the reform proposals from the Turner Commission, from 2012 employers in the UK would automatically enrol their employees into personal accounts or into their own existing occupational pension scheme should it meet specified minimum standards.
"We should give the UK auto-enrolment proposal in the Turner report very careful consideration in our Green Paper," Brennan told the Irish Association of Pension Fund's annual investment trends conference in Dublin yesterday
The Green Paper, which is due to be completed at the end of this month, will outline the challenges that the Irish pension system faces. It will set out the current demographic situation and the latest projections of its evolution over the coming decades.
The minister added that the Green Paper was a defining moment for pension policy in Ireland, and argued that Ireland still needed a radical change in attitude towards retirement.