Friday 27 April 2018

Five-year map to 'automatic pension' plan

Stock image
Stock image
Charlie Weston

Charlie Weston

The Government has promised to speed up putting pensions in place for around one million private sector workers who have no occupational scheme.

An auto-enrolment scheme is being looked at where those who do not have an occupational pension are put into one.

Taoiseach Leo Varadkar said too much time had been wasted.

"This issue has been long-fingered for too long, and now that the economy is recovering strongly we must act decisively, and we will publish a five-year roadmap for pension reform before the end of the year," he said.

"I anticipate the first payments being made into those new individually held funds by 2021."

Social Protection Minister Regina Doherty said the Government will publish a consultation paper on the new scheme by the end of the year.

Research has found thousands of people face the prospect of still having to pay off a mortgage when they retire.

Insurance Ireland welcomed the announcement of plans to introduce an auto-enrolment pension scheme.

Irish Independent

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