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The Actuary The magazine of the Institute & Faculty of Actuaries

Irish NPSS on its way?

The Irish minister for social affairs, Seamus Brennan, wants a decision to be made over the issue of implementing some form of mandatory pension savings scheme by autumn this year. In an interview with Global Pensions, Mr Brennan said he wanted parliament to be able to make a decision ‘by around September’ over whether people should be compelled to save through an occupational pension.

In January, Mr Brennan charged the Irish Pensions Board with the task of compiling a report on mandatory pensions, but recently put the deadline forward to June, giving the board a tighter schedule in which to work. The board has been considering other systems worldwide where mandatory systems have been implemented, including Sweden and Australia. The autumn deadline contrasts dramatically with the 12 years the Swedish government took to decide to implement a mandatory system, but Mr Brennan claimed the Irish government didn’t have this kind of luxury.