Here you will find submissions made by us on specific topics to Government and the Pensions Authority. These might be in response to specific consultation exercises or on our own initiative.

IAPF Green Paper ResponseIAPF07.05.2008The IAPF welcome the Green Paper and the opportunity to contribute to the process and inform the decisions that need to be taken to ensure we can continue and build on the strong pension system we have in place in Ireland. We believe that the Irish pension system is well developed and operates on a very sound model. The report advises that there is a strong framework in place through the mandatory Social Welfare and the voluntary supplementary systems. Individuals need to be encouraged to take out supplementary pensions and there is also considerable scope to make this system more attractive.

The main issue faced is demographical in that the cost of providing for individuals in retirement is rising as we are all living longer. Furthermore, not enough people are saving for their retirement while many more are not saving sufficiently to provide the income they will need or like to have in retirement. Research IAPF have carried out indicates a number of barriers that exist that discourage individuals from starting to contribute to a pension. IAPF believe these can be addressed and that this is the best means of improving coverage and adequacy of pension provision. The report outlines that any form of mandatory provision, on top of the already mandatory State pension, will undermine current provision. This has happened in other countries with mandatory provision which sets a benchmark that is lower than current provision and which will eventually apply to everyone. IAPF believe it is better to increase the numbers of people with good provision rather than ensure everyone has inadequate provision.

IAPF believe that all solutions should be sustainable, adequate, fair and equitable, simple and flexible. On occasion these may conflict, but these core values are contained throughout our response.
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