Pension plan is 10 years too late
THE requirements to enrol people aged 22 and over into a pension scheme is good for Ireland and good for all those who retire. With the looming pension time bomb, something must be done to provide for these people in retirement.
The State can only do so much and automatic savings are a great way to go.
Auto-enrolment will result in people joining the scheme who otherwise would not have joined due to the effort and hassle required (such as finding a fund and sending in documentation and so on). In any case, if a person really does not want to contribute they can always opt out. The scheme is not mandatory at all for the employee. Any person who worries that they will lose money in this can easily put their cash into conservative investments.