Alan Dillon
Question:142. Deputy Alan Dillon asked the Minister for Social Protection for an update on the progress on the auto-enrolment pensions scheme; and if she will make a statement on the matter. [54060/23]
View answerThursday, 7 December 2023
Questions (142)
Written answers
The introduction of a pensions auto-enrolment system is a Programme for Government commitment, and a key priority for me as Minister for Social Protection.
Last year, I published 'The Design Principles for Ireland’s Automatic Enrolment Retirement Savings System', which sets out the new system in detail. Implementation of the AE system has been gathering pace since then, with the first enrolments expected to begin in the latter half of 2024.
A dedicated project team in the Department of Social Protection is solely focused on implementing the agreed design, including drafting the necessary legislation that will underpin it, designing the organisational structures and the technical system to operate it, and communicating this landmark reform to stakeholders and the public.
A key element of this design is the establishment of a Central Processing Authority (CPA), which will be established to manage and administer the AE system on behalf of the participants. The CPA will initially operate on an administrative basis within the Department of Social Protection. In time, the CPA will become a statutorily independent public agency operating under the auspices of the Minister for Social Protection.
The legislation to underpin AE is currently being drafted, with my officials working with the Office of the Parliamentary Counsel. It is my intention to publish the AE Bill early in the New Year with initiation of its passage through the Oireachtas immediately thereafter. This will be a major milestone in progressing towards implementation.
Work also continues on putting the administrative and operational processes in place with the cooperation of the Revenue Commissioners and the Departments of Finance and Public Expenditure and Reform.
A procurement exercise for outsourced administration services is well advanced with the first phase complete and the second phase taking place in the coming weeks. A procurement exercise for outsourced investment management services is at an advanced stage of development and will commence early in the New Year.
While there remains much to be done in this ambitious project, considerable progress is being made on multiple workstreams.
I hope that this clarifies matters for the Deputy.