Answering ICTU’s call to “get the bill done” the Automatic Enrolment Retirement Savings Bill, 2024 has passed the latest vote in the Dáil.

Having now passed all Dáil stages, the legislation will now move on to its second Seanad stage, the committee stage on June 11th.

Prior to Dáil debate on the bill Owen Reidy, General Secretary of the Irish Congress of Trade Unions (ICTU), described the implementation of an Automatic Enrolment Retirement Savings System Bill as a matter of urgency.

“Another generation of workers cannot be allowed to have their income and living standards plummet in retirement. Ireland remains the only OECD country not to operate auto-enrolment or similar pensions saving scheme,” he said.

The scheme will see employees aged 23-60, earning over €20,000 a year and not currently contributing to a pension scheme, automatically enrolled in a state-provided pension.

Those in receipt of an automatic enrolment pension will have the ability to opt out after six months but will be re-enrolled every two years.

A state-owned body, the National Automatic Enrolment Retirement Savings Authority (NAERSA), is to be set up to administer collections and payments, while pension funds will be managed by private investment firms.

Sean Sherlock TD had sought amendments that would see ICTU guaranteed a board member of NAERSA, but was ultimately unsuccessful. 

Minster Heather Humphreys TD argued that the bill already required there be a board member with knowledge of, or experience with, employees’ interests, and that this post could be filled by an ICTU representative or “someone who would otherwise meet the approval of trade unionists”.

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