In April 2015, the Universal Retirement Savings Group (URSG) initiated consultation with stakeholders on developing a roadmap and timeline for the introduction of a new, universal, supplementary workplace retirement saving scheme.
The Society welcomes the opportunity to submit a response to the URSG consultation on the potential parameters of a universal retirement savings system.
We recommend that the contents of our paper “Review of Policy Options to Expand Private Pensions
Coverage in Ireland” be considered fully. We re-iterate the view stated in this paper:
The Society believes that a mandatory regime is a better solution than an auto-enrolment regime for Ireland and recommends that it is introduced from outset, with the planning phase starting immediately. This decision is based on (a) the complexity of auto-enrolment, (b) the overall aims of increasing coverage immediately and improving adequacy over the longer-term and (c) the scale of the implementation effort that will be required.
Full details of the Society’s response to the consultation are available here.