Auto-enrolment start date has slipped several times before. Now pegged for ‘early 2025′, will it slip again?
Minister for Social Protection Heather Humphreys: Ireland is the only country in the OECD that does not operate an auto-enrolment system as a means of promoting pension savings. Photograph: Leon Farrell/© RollingNews.ie
“Automatic enrolment is about sending a clear message to our workers, and in particular to the young workers of today, that we want them to look forward to a secure financial future,” Humphreys said in the Dáil as the Bill passed the final stage before going to the President for signing. The new, vaguer target is as fanciful as every other one the Minister has set – and further undermines the credibility of the entire plan.
A year after the Minister’s officials started a search for companies to build and manage the systems to run the mammoth scheme, they have only just picked a preferred bidder: Indian information technology company Tata Consultancy Services . Officials in the department were signalling last autumn that they would start the search for four investment houses to manage the assets of participants in the scheme by the end of 2023 and that the successful bidders would be signed up in the second quarter of this year. The process hasn’t even begun.
Furthermore, while the auto-enrolment system is being set up to technically come under the oversight of the State’s pensions watchdog, the legislation has been framed in a way that will force the Pensions Authority to apply a much lighter touch than imposed on the private pensions market.
Auto-Enrolment Heather-Humphreys
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