The Dáil passed the Automatic Enrolment Retirement Savings System Bill on Wednesday 3rd July. The legislation had previously been passed by the Seanad and will now go to the President to be considered and signed into law.

This comes after a lengthy campaign and legislative process. 

Welcoming this landmark social policy Irish Congress of Trade Union general secretary Owen Reidy said:

“This is a defining moment in bringing an end to our failed voluntary approach to pensions saving. Future generations of workers can now be spared from seeing their income and living standards plummet in retirement.

“After decades of delay, it is vital to maintain momentum. The Minister must name the date for the first auto-enrolment pension contributions. This legislation cannot be left to sit on a shelf gathering dust” he said.

“Congress and affiliated unions accept the intention is for auto-enrolment to do no harm to existing good occupational pensions. We will nonetheless be vigilant for displacement or dilution and won’t hesitate in taking action should employers respond to the cheaper pension auto-enrolment option by closing their workplace pension to new hires or levelling down their pension contributions to the AE rate.”

Mr Reidy added: “I want to acknowledge the work and collaborative approach of the Minister for Social Protection Heather Humphreys and her officials in delivering what I believe will be the most significant social intervention to protect older people’s living standards since the Old Age Pensions Act of 1908 introduced the state pension.”

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