Last night, the Taoiseach gave a speech to the employers’ group IBEC to announce an upcoming national pension plan that will look to start by 2021.
In this speech he said:
‘Another priority is to ensure that more people in work make provision for decent pensions when they retire.
This issue has been long-fingered for too long, and now that the economy is recovering strongly we must act decisively, and we will publish a five year roadmap for pension reform before the end of the year.
This will include introduction of an auto-enrolment pension scheme for private sector workers, two-thirds of whom currently have no occupational pension to supplement their state pension. I anticipate the first payments being made into those new individually held funds by 2021.
We will work closely and consult with employers on the design of this scheme, and on all of these reforms’