Start time: 12.30 pm
End time: 2.00 pm
Colm Fagan has published a paper so that recipients can study its proposals in detail and form a judgement on their merits.
The paper proposes a new approach to auto-enrolment (AE), designed to deliver higher pensions than under the previous government’s AE proposals, at half the cost: total contribution 7% (3% employee and employer, 1% state) compared with 14% (6% employee and employer, 2% state) under the previous government’s proposals. The higher benefits come from investing in equity-type assets with smoothing of investment returns, combined with a seamless and low-cost transition from pre-retirement to post-retirement.
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Colm is a past President of the Society of Actuaries in Ireland. He presented his first actuarial paper 43 years ago. He promises that this will be his last. His first was acclaimed as “remarkable” 24 years later, in a history of financial economics published in the British Actuarial Journal (Volume 8, Part I, p38). If history repeats itself, Colm is unlikely to be around to read the profession’s judgement on this one!
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