The establishment of the Irish auto-enrolment system is “well underway” with the Department of Social Protection announcing preferred bidders for investment services as well as advertising chief executive officer and board member positions.
The auto-enrolment retirement system in Ireland – also known as ‘My Future Fund’ – is due to launch “early next year”, according to the Department of Social Protection, and it will be will be administered by the National Automatic Enrolment Retirement Savings Authority (NAERSA), the new national automatic enrolment retirement savings authority.
The Department has now advertised for a CEO and up to eight board members, marking a significant milestone in the scheme’s formal establishment.
The CEO role, advertised through the Public Appointments Service on behalf of the Top-Level Appointments Committee, carries a remuneration package at the deputy secretary general level within the civil service. An appointment is expected by early autumn.
Board appointments will follow the standard state boards process, with members expected to meet in both Dublin and Donegal.
The CEO post will be primarily based in Letterkenny, Co. Donegal, supporting close coordination with Tata Consultancy Services, the scheme’s managed service provider, which also operates from the area.
Minister Dara Calleary said the CEO search represents an “exciting” opportunity for a “dynamic and talented” person to provide strategic leadership within the organisation responsible for administering this “innovative, landmark initiative”.
He said: “In a context that will have a deep and lasting impact on the nation, the chief executive will, alongside the board of NAERSA, set the tone and strategic direction of the Authority and will be responsible for ensuring the success of ‘My Future Fund’ in its initial years.”
In addition to job advertisements, the department has also announced that Irish Life Investment Managers, Amundi and BlackRock are the successful bidders for NAERSA’s investment management services contracts.
The bidding companies are expected to complete contract negotiations this summer, well in advance of the commencement of ‘My Future Fund’ in January.
Calleary expects the ‘My Future Fund’ to “revolutionise” how people in Ireland save for their retirement.
“This is a landmark policy and these investment management companies, who have been selected after a competitive procurement process, will play a huge role in ensuring that ‘My Future Fund’ is a success and represents good value for money for all future participants,” he added.
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