28,000 more staff across Limerick saving for pensions after reforms

ALMOST 28,000 Limerick workers who previously had no pension provision are now actively saving towards their retirement, local TD Niall Collins has said.

Since the start of this year, staff across Ireland who were not saving for a pension previously are automatically enrolled into a company scheme.

This was done in order to reduce reliance on the State pension, but people can opt out if they wish.

READ MORE: Limerick mayor returns to work after falling ill during marathon meeting

Mr Collins has been given information which reveals some 27,892 local workers are enrolled for the scheme.

The new My Future Fund was put in place by Social Protection Minister Dara Calleary.

Nationwide, over a quarter of the workforce from more than 104,000 employers have been auto enrolled into My Future Fund.

The sectors which have had the largest percentage of workers auto enrolled include construction, retail, and hospitality.

Mr Collins, a Minister of State at the Department of Justice said: “My Future Fund will benefit so many Limerick workers in the coming years and it will prove to be a truly revolutionary measure for Irish pensions, making sure that workers have more money in their retirement than they otherwise would.”

He pointed out the measure had been suggested by the late Seamus Brennan over 20 years ago.

“This is about giving working people peace of mind and it’s a simple way of knowing that today’s hard work that all employees do, will support them tomorrow. This will provide employees with a solid foundation for their retirement,” Mr Collins added.

He also said: “In Fianna Fáil, we recognise the significant contribution that employees make to our workforce. We are committed to providing working people with a secure pension, and a reliable foundation as they prepare for retired life.”

There’s been a mixed reaction to the rollout of My Future Fund.

Some employers, particularly small and medium-sized ones, have expressed frustration at administrative burden and compliance requirements.

But there is cautious optimism elsewhere in Ireland for the measure.