Deputy Ó Cearúil has welcomed the Government’s introduction of the auto-enrolment pension scheme, including the MyFutureFund, calling it a “critical step” in ensuring financial security for all workers in retirement.
Speaking in the Dáil, Deputy Ó Cearúil said:
“I want to commend Minister Dara Calleary for the work done to bring this scheme forward. Across Europe, countries such as the UK, Italy, and Estonia have already introduced automatic enrolment. It is about time that we move towards ensuring security in old age. For too long, pensioners, particularly those on the state pension, have struggled with everyday costs like heating and groceries. Expanding pension coverage to a wider population ensures that people can live in some comfort when they reach older age.”
Deputy Ó Cearúil highlighted important aspects of the scheme that require attention:
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Investment Transparency: People enrolled in the scheme, and their employers, should be fully aware of where their contributions are invested, with options aligned with ethical considerations and personal values.
He added:
“While I strongly welcome this step, it is essential that participants know how their money is invested and that businesses, particularly in hospitality, are supported to manage additional costs. Auto-enrolment is a positive and necessary step, but it must be implemented thoughtfully to benefit everyone.”
ENDS
