SFA Policy Pensions
THE PENSIONS DILEMMA THE SFA CONTINUES TO LOBBY AGAINST ANY ATTEMPTS TO SHIFT THE PENSIONS BURDEN ONTO EMPLOYERS THROUGH MANDATORY OR AUTOMATIC ENROLMENT PROPOSALS.
Two-thirds of all private sector employees in Ireland have no workplace pension and are not saving for their retirement. This poses significant challenges to the future quality of life of many individuals and the future finances of the State. The SFA has long resisted attempts to shift the burden onto employers through mandatory or automatic enrolment pension proposals. Early this year, the Government published its ‘Roadmap for Pensions Reform 2018-2023’, which aims to “modernise the Irish pensions system while continuing to target resources at those most in need”. There are six strands to the roadmap: 1 Reform of the State Pension 2 Building Retirement Readiness – A New Automatic Enrolment Savings System 3 Improving Governance and Regulation 4 Measures to Support the Operation of Defined Benefit Schemes 5 Public Service Pension Reform 6 Supporting Fuller Working Lives Strands 2 and 6 are those which are likely to have the most direct effect on SFA members. Work is advancing quite quickly on strand 2 and the SFA has been asked to make a submission to the Department of Employment Affairs and Social Protection by early November.
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