IRELAND - Jerry Moriarty, the new director of policy at the Irish Association of Pension Funds (IAPF), has encouraged the government to consider other options aside from a mandatory enrolment system.
With the government expected to publish a green paper in September about the future direction of the industry, Moriarty said the IAPF was concerned that only about half the workforce have pension coverage.
He said: “People are not saving for the future.”
Subsequently, Moriarty said the options available were to improve the current system or introduce a mandatory system which provided automatic enrolment with the possibility of an opt-out.
Instead of a mandatory system, Moriarty proposed introducing a similar concept to the SSIA (Special Saving Investment Account) which enabled individual contributions to be topped up by the government.
Moriarty said: “We think you can ride on the back of that success.”
He added that the IAPF believes there is also scope for industry-wide schemes in areas where there is currently poor coverage.
Following the departure of Nora Finn, the organisation’s chief executive, Moriarty’s role is intended to strengthen the research and policy development function of the association.
Prior to joining the IAPF he had been head of investigations and compliance at the regulator, the Pensions Board, since October 2001.
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