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03/02/2015
Pensions Reform Package Announced
A pensions reform package has been announced by Tánaiste Joan Burton.
The measures aim to tackle Ireland's low rate of workplace pension coverage, improve consumer confidence in the system, and ensure greater efficiency and oversight of pension schemes.
At a press conference earlier today, the Tánaiste announced the membership of the Pensions Council – the body established to help strengthen the pensions environment and give consumers greater input into pension policy.
She also confirmed the Government's approval to proceed with work to develop a roadmap and timeline for the introduction of a new supplementary workplace retirement saving scheme. This type of system, when introduced, will help increase the number of workers with workplace pensions.
Tánaiste Burton also confirmed that work is under way between her Department and the Pensions Regulator to reform and simplify the pensions landscape to ensure schemes operate effectively and that there is a regulatory structure which gives pension savers confidence in the system.
She concluded: "It is essential that we increase the number of workers with supplementary pensions so that people have improved security and peace of mind in retirement.
"It is also essential that we reform the system to improve the governance and regulation of schemes and give consumers confidence in the system. The package of measures announced today is aimed at addressing all of those issues."
(JP/IT)
The measures aim to tackle Ireland's low rate of workplace pension coverage, improve consumer confidence in the system, and ensure greater efficiency and oversight of pension schemes.
At a press conference earlier today, the Tánaiste announced the membership of the Pensions Council – the body established to help strengthen the pensions environment and give consumers greater input into pension policy.
She also confirmed the Government's approval to proceed with work to develop a roadmap and timeline for the introduction of a new supplementary workplace retirement saving scheme. This type of system, when introduced, will help increase the number of workers with workplace pensions.
Tánaiste Burton also confirmed that work is under way between her Department and the Pensions Regulator to reform and simplify the pensions landscape to ensure schemes operate effectively and that there is a regulatory structure which gives pension savers confidence in the system.
She concluded: "It is essential that we increase the number of workers with supplementary pensions so that people have improved security and peace of mind in retirement.
"It is also essential that we reform the system to improve the governance and regulation of schemes and give consumers confidence in the system. The package of measures announced today is aimed at addressing all of those issues."
(JP/IT)
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