“Given our demographics and current contribution rates, Ireland needs a long-term strategy on retirement income” said Kevin Thompson, CEO of Insurance Ireland.

“We welcome the Minister’s endorsement of auto-enrolment as a means to build contribution rates and bring a greater focus to providing for adequate retirement income. The work of the Pensions Authority is also to be commended for starting a public consultation on pensions reform”.

Kevin added “Insurance Ireland has held six workshops over the past two years with international experts from the UK, USA, Denmark, The Netherlands, Australia and New Zealand, examining a Universal Pension for Ireland. The international experience highlights the importance of having an open dialogue with all stakeholders and our workshops are facilitating these important discussions”.

Kevin concluded, “Pension provision affects every household and we have to get the framework right. A consensus approach is therefore vital for supplementary pensions and we look forward to working with the Minister and all stakeholders on the implementation of a universal pension for Ireland.”

Ends.

Media contact:

John Byrne

Communications Manager

01 644 7781

087 938 3852