IAPF Spring 2018 Irish Pensions Magazine

16 | IRISH PENSIONS MAGAZINE | SPRING 2018 FEATURE A Roadmap for Pensions Reform 2018–2023 The Roadmap’s primary objective is to confirm the policy direction that will be taken to provide for the establishment of a fair and fit for purpose pension system for the coming decades. It intends to address existing anomalies in our State pension system while also providing long term financial sustainability and confidence regarding future payments. The plan also aims to promote improved private pension coverage and security. The Roadmap contains over 40 time-bound actions across the following 6 strands; Strand 1 - Reform of the State Pension including the ‘Total Contributions Approach’ Strand 2 - A New Automatic Enrolment Retirement Savings System Strand 3 - Improving Governance and Regulation including the EU IORPS II Directive A Roadmap for Pensions Reform 2018-2023 confirmed a major reform of future State, private and public service pensions. The plan was launched in Government Buildings on the28thFebruary last byAnTaoiseach Leo Varadkar TD, the Minister for Finance and Public Expenditure & Reform Paschal Donohoe TD and Minister for Employment Affairs & Social Protection Regina Doherty TD. This whole of Government approach reflected the political importance attached to pension reform. " ROBERT NICHOLSON PRINCIPAL OFFICER OF THE AUTOMATIC ENROLMENT PROGRAMME MANAGEMENT OFFICE DEPARTMENT OF EMPLOYMENT AFFAIRS & SOCIAL PROTECTION