Targets set out in pensions roadmap ‘missed’
THE Government has been accused of stalling the reform of pensions.
The majority of the target dates set out in the so-called pensions roadmap have been missed, according to the Irish Association of Pension Funds.
The roadmap sets out key dates for making changes to how the State pension is calculated, moving towards an auto-enrolment system for the one million private sector workers who do not have an occupational pension, changes to regulations for private pensions, some technical changes to public sector pensions, and changes to mandatory ages.
The annual dinner of the Irish Association of Pension Funds (IAPF) was told the Government had missed 19 of the 24 targets set out for last year in the ‘Roadmap for Pensions Reform’ document.
IAPF chair Peter Fahy said the roadmap, which is the responsibility of Social Protection Minister Regina Doherty, had yet to deliver any real improvements for pension savers.
“The Government has fallen wide of the mark in delivering on the timelines it set out in its ambitious planning document,” Mr Fahy said.
This was despite widespread support for the planned changes, he said.
Mr Fahy said there was very little communication between the Government and the key pension sector stakeholders.
The Department of Social Protection responded that most actions set out in the roadmap had been completed or were at a very advanced stage of progression.
The spokesperson said the focus would be continuing to implement the reforms over the coming years in accordance with the roadmap’s targets.