Compulsory Pension Proposals (Pensions Board and Seamus Brennan)

ajapale

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Im thoroughly confused about this "compulsory pensions" issue.

Does any one know what (if any) concrete proposals there are?

What is the nature and extent of the problem that is to be addressed by compulsory pensions?

What impact (if any)would these proposals have on people who already have adequate provision for their pensions?

aj
 
No concrete proposals - just a submission from The Pensions Board and it is available on their website.

The nature of problem is insufficient pension coverage.

The extent - well lots of people have insufficient pension coverage (in eyes of PB).

Proposal = Increases state pension, and introduce compulsory pension provision of I think about 12% of salary and this burden shared between employee, employer and government.

I have not read it yet - I am sure this does not apply to people already making adequate pension provision.
 
What impact (if any)would these proposals have on people who already have adequate provision for their pensions?

None-according to today's Sunday Times.

From what I have read, it would appear that the Pensions Board aren't really behind the introduction of compulsory pensions.
 
None-according to today's Sunday Times.

From what I have read, it would appear that the Pensions Board aren't really behind the introduction of compulsory pensions.

The Pensions Board is never going to reach a consensus on this one.

But that simply reflects the nature of the Board - it's composed of representatives from ICTU, IBEC, insurance companies, Dept Finance, Dept of Social and Family Affairs etc. You're never going to get that lot to agree on anything related to pensions policy - there are far too many conflicting vested interests.

The Board were asked by Brennan to prepare a report for him on how a mandatory system might work. If they hadn't been asked to do this by Brennan they never would have touched this subject in a fit.

The Dept of Finance has done it's best to strangle Brennan's idea at birth, but ICTU have come out and told Finance to back off. (ICTU have recently come around to supporting the idea of mandatory pensions).

No specific scheme is being proposed at the moment - the Pension Board's report is more of a general consideration of the issues involved, with some examples based on notional schemes.

But this debate doesn't look like it's going to quietly disappear (despite Finance's best efforts to rubbish it). The government has committed to a green paper on pensions policy as part of Towards 2016 and with ICTU throwing their weight behind the mandatory option, it's going to get interesting...
 
The Dept of Finance has done it's best to strangle Brennan's idea at birth,
The SBPost reported that the negative comments from the Dept Finance rep were personal, and were not representing the view of the Dept or the Minister.
 
The SBPost reported that the negative comments from the Dept Finance rep were personal, and were not representing the view of the Dept or the Minister.

Whilst technically the Board members may be appointed in a personal capacity, do you really think he went on a solo run on this? Sounds to me more like Finance backing off a bit after the hostile reaction from the trades union.

I see David Went got a half-page op-ed piece in yesterday's Irish Times to argue against compulsion. More vested interests...