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Finance officials concerned about oversight of auto-enrolment pension scheme

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Auto-Enrolment News

Pension,Department-Of-Finance,Department-Of-Social-Protection

Legislation holds planned new mandatory workplace pension scheme to lower regulatory standards than private sector rivals

The Pensions Authority under Brendan Kennedy will be forced to apply a lower standard of oversight to auto-enrolment than it imposes on the private pensions market. Photograph: Eric Luke

AE, which the Government plans to launch early next year, is expected to capture 750,000 workers between the ages of 23 and 60 who are earning at least €20,000 a year but are not currently signed up to a workplace pension scheme. “It appears AE will be held to lower standards than the existing private system,” Insurance Ireland said last month. “The proposed AE system will not be an institution of occupational retirement provision or a Master Trust or indeed, a pension, and therefore it is not subject to any existing pension scheme legislation.”

 

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