Irish Pensions Magazine Spring 2014
6
Chairperson’s Message
• Thirdly - We must ensure that whatever changes are made are fair to all stakeholders (including cross
generational) rather than trying to penalise one set over another.
Change will not happen overnight but the development of a well thought through strategy will at least give us a
chance of success. We welcome the initiative by the Pensions Authority to start looking at DC pension provision,
but we would caution against building a platform for the future without having a clear picture of what the future
should look like. With DC pensions now accounting for €30bn of pension assets and growing, we must get this
right.
We call on the Government to establish a permanent, non-political and independent pension body whose raison
d’etre is to focus on what pension provision in Ireland should look like and draw a line in the sand with the existing
over complex structures.
This body’s remit should be to review the entire pension system in a more coherent, complete and holistic way
than currently, including critically considering how we can best manage the huge liability of the unfunded public
sector pension and State pension.
This pension body must be given the power to make recommendations, but most importantly, the power to
implement those recommendations.
If we don’t start thinking about change and reform and taking action now, then there will be no pension system
left for our children and grandchildren.
If we can clearly articulate what a good Irish pension system looks like for all citizens in both the private and public
sector, if we can agree with as many stakeholders as possible that this system will aim to provide secure, fair and
simple pensions and if we take into consideration the short and long term implications and investment needs of
any change then we have a chance of successfully managing the pension crisis that is circling around us. That is
our goal and with the help and energy of you, our members, I am confident that we can work together to achieve
success.
Rachael Ingle
Chairperson
