Pensions landscape reform
CIPD Ireland welcomes the proposed pensions reforms to ensure sustainability and equity of pension coverage into the future
CIPD Ireland welcomes the proposed pensions reforms to ensure sustainability and equity of pension coverage into the future
Minister for Social Protection Leo Varadkar has welcomed the proposal to establish a supplementary pension scheme and envisages an opt-out scheme in the future where employees would automatically be enrolled with the right to opt out. He said putting in place a new scheme to tackle the unsustainability of state pension costs would be a ten year process but the current economic conditions were better than they had been for decades to make a start.
The reforms are part of The Pensions Authority’s proposal to simplify the pension’s landscape by making pension rules easier to understand and to remove duplications and anomalies in the current system. The objectives of The Pensions Authority’s reform proposals are:
Submissions have been invited by The Pensions Authority from all stakeholders and interested parties on the Authority’s proposals. CIPD Ireland will be engaging with members in relation to this consultation over the coming months.
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