News Formal

Finance officials concerned about oversight of auto-enrolment pension scheme

  • 📰 IrishTimes
  • ⏱ Reading Time:
  • 28 sec. here
  • 6 min. at publisher
  • 📊 Quality Score:
  • News: 29%
  • Publisher: 98%

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.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Only one food service business fined under new staff tips legislationThe 2022 Payment of Wages (Amendment) Act followed anecdotal evidence some employers were using tips to pay staff and service overheads
Source: IrishTimes - 🏆 3. / 98 Read more »