Broad public support for a mandatory pension scheme
Now a survey has found that more than eight in 10 Irish adults believe it is fair to automatically sign workers up for the new pension scheme.
The findings came in a survey of 1,000 adults nationwide by Ask Acorn, a nationwide network of financial intermediaries.
Under auto-enrolment, workers aged between 23 and 60 who earn more than €20,000 and are not already in an occupational pension scheme would automatically be enrolled in the new pension plan.
These workers will have the option to opt out after six months. However, the research suggests they are unlikely to do so.
Almost nine in 10 of those eligible for auto-enrolment say they are likely to remain in the pension scheme once enrolled.
Financial experts said the findings showed a strong appetite for the scheme and signalled a positive shift toward broader pension coverage
But Ask Acorn experts warned that this could lead some workers to a false sense of financial security.
Chief executive of Ask Acorn Keith Butler said: 'People who may have previously been putting off pension planning could see their auto-enrolment as a 'job done' moment, when in fact the scheme might not be the most suitable or sufficient option for their individual retirement needs.'
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