IRELAND - The Irish Association of Pension Funds (IAPF) has warned a soft mandatory approach to pensions by the government could exacerbate the problem of take up and contributions.
Burke said: "IAPF is convinced a universal approach of mandatory or soft-mandatory pensions would undermine current adequacy levels as minimum statutory contribution levels become the norm.
"In so doing, it would further weaken the fragile linkage which exists between private and public sector pensions, where pension costs are running at in excess of 20% salary per annum."
He said current contributions to DC schemes were substantially lower than the level that was needed to adequately provide for retirement.
The government's recently released green paper was cited by the IAPF as a good opportunity to ensure all Irish citizens would have sufficient income during retirement.
Burke said recent IAPF research revealed 86% of those without a pension would start one under an SSIA type structure, whereas 60% had little or no knowledge of how current tax incentives worked.
He added: "Based on this research, we propose that the next step should be to introduce SSIA style incentivisation and enhanced drawdown flexibility across all defined contribution platforms.
"Adopting this approach will deliver increased coverage on a voluntary basis which, in tandem with improvements in the first pillar State pension, can satisfy the Green Paper objectives."
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