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ARTICLE · 26 OCTOBER 2016

MySaver - The Pensions Saviour?

Mason Hayes & Curran LLP
Mason Hayes & Curran LLP
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Mason Hayes & Curran LLP

Mason Hayes & Curran LLP

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Insurance Ireland recently published a report entitled "A Universal Pension Fund for Ireland" which explores options for the implementation of a universal pension scheme.

IrelandEmployment and HR

Insurance Ireland recently published a report entitled "A Universal Pension Fund for Ireland" which explores options for the implementation of a universal pension scheme designed to increase pension coverage in Ireland. It profiles comparable pension schemes in the UK (NEST), Australia (MySuper) and New Zealand (KiwiSaver) and outlines a road map for an Irish universal pension scheme – known as MySaver. We examine the key proposals contained in the Report. 

The four key elements considered in the Insurance Ireland report (the "Report") are as follows:  

1. Product design

Insurance Ireland states the aim of MySaver is to reduce complexity in the pension system. This will be done by delivering an automated and portable defined contribution pension that is high-volume, low-cost and targets low-to-medium earners.

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