Government confirms delay of pension auto-enrolment

Actually all that the investment managers are being asked to do is to accept NAERSA as a unitholder. So €7m a year looks like money for old rope. As @Colm Fagan explains in #38 this is only a tiny part of the overhead costs of NAERSA.
 
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a poster above mentioned if things go pear shaped
so would happen then to peoples contributions .does the government cover it ? especially if it happens just as you retire?
 
would happen then to peoples contributions .does the government cover it ?
There's nothing to cover. People's contributions were spent years before to buy assets. When they come to draw down, the assets are sold and they get whatever the net proceeds are.
 
NAERSA is recruiting senior managers now.

Head of Compliance and Reviews (Principal Officer), National Automatic Enrolment Retirement Savings Authority (NAERSA)
Employer: Department of Social Protection​
Head of Corporate Services (Principal Officer), National Automatic Enrolment Retirement Savings Authority (NAERSA)
Employer: National Automatic Enrolment Retirement Savings Authority​
 
Things can’t go pear shaped unless there is embezzlement which is highly unlikely
There was previous embezzlement from private pension funds (dressed up as a levy). Units were directly removed from the people's pension policies.

The excuse for this was that the State was in an emergency financial situation.

In more recent years when the State has been in a situation of having bumper tax revenue, no attempt has been made to return the embezzled units.

If (or when) the State again goes into financial crisis, it is highly likely that the Auto enrollment funds will be raided.
 
highly likely that the Auto enrollment funds will be raided
Something about the name "My Future Fund" doesn't make it seem like it won't be raided. On fact, I'd imagine the administrators will get constant communications.from members along to get their fund well before retirement.
 
There was previous embezzlement from private pension funds (dressed up as a levy).
This is a nonsensical description. It was a tax passed by a majority in the Oireachtas like every other tax. I was a public servant at the time and had my pay cut three times again approved by the Oireachtas.


If (or when) the State again goes into financial crisis, it is highly likely that the Auto enrollment funds will be raided.
Much more likely that the state will pause its contribution.
 
I was a public servant at the time and had my pay cut three times again approved by the Oireachtas.
Private sector workers also suffered pay cuts, or worse.

Their occupational pensions have also suffered reductions up to the present day, as a result of goverment embezzlement, at a time when most pension funds were already in financial difficulties.

Precidance has been set and future governments will dip into pension funds again when they tank the economy.
 
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Private sector workers also suffered pay cuts
Very few did as by law it’s impossible to cut a private sector worker’s nominal pay without their consent.

Not likely.

Because they would not get an immediate and very large injection of cash
Six of one or half a dozen of another. Several EU member states paused government contributions to pension schemes c. 2009-2012. In Ireland the levy on pension assets never amounted to more than 1% of tax revenue in any year.

and contributors could react by ceasing contributions until the government contributions were restored.
Of course but inertia is very powerful with pensions and employer contributions would still exist.
 
Very few did as by law it’s impossible to cut a private sector worker’s nominal pay without their consent.
When you are told, to avoid redundancy, you can agree to a voluntary 20 per cent pay cut, people do consent (my husband's case as all his coworkers). At the end, there were both redundancies and pay cuts.
 
I was a public servant at the time and had my pay cut three times again approved by the Oireachtas.

Was your pay subsequently restored when times were better? The Pensions Levy was never refunded.

Much more likely that the state will pause its contribution.

On what basis do you claim that this would be "much more likely"? Only the Minister of the time can know that.

The template is there for the Pensions Levy. It's been done already so the procedure for implementing it is already there.

The Pensions Levy was and remains a terrible way of raising funds. I wonder would people have been more strongly opposed to it if it had been applied to bank accounts instead of pension funds. "Times are hard so we've decided to dip into every citizen's bank account and take out a few euro from each - a percentage of what all of you have in your bank accounts."
 
Very few did as by law it’s impossible to cut a private sector worker’s nominal pay without their consent.
Many large employers did exactly this.

It's very easy for an, at the time, protected state employee to quote the law.

It's another story entirely for an unprotected private sector worker to fight a case to retrieve illegal deductions from their wages.

I took action against my employer to try and recover unilateral deductions from my wages. Under the payment of wages act I persued the employer through the LRC and EAT. The employer aggressively responded by engaging a top legal firm and a leading employment barrister.

I sat alone in the LRC on multiple occasions and once at the EAT facing up to ten people on the far side.
Solicitors and assistants, top Barrister, and a team from the employment. They wheeled in a trolley load of legal books and documents.

I eventually ceased employment, minus the illegal wage deductions but with the satisfaction that I had cost the rogue employer probably 20+ times the value of my wages loss.
 
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