Minister for Social Protection Heather Humphreys: she says she will shortly start looking for auto-enrolment investment managers. Photograph: Sam Boal/Collins Photo
The Minister has also secured Government approval for the establishment of a National Automatic Enrolment Retirement Savings Authority at the end of March. Her officials will now begin work to recruit for the board and staff positions. “Auto-enrolment has been talked about for 30 years: in 2025 it will become a reality,” Ms Humphreys said. “Setting a start date a year from now gives all stakeholders involved, including employees, their employers, payroll developers and providers, time to make the necessary preparations and adjustments to their systems and their processes to facilitate the implementation of AE and to budget accordingly.
Her officials aims to select four investment management companies to invest contributions from employees, employers and the State. The investment managers will provide three strategies: a higher risk, medium risk and lower risk strategy. All participants will be placed in a default strategy if they do not choose a specific one.