Irish Life Health
Welcome to Ireland’s newest health Insurer, Irish Life Health. Bringing fresh options and innovation to the health insurance market.
Irish Life
Irish Life the largest life and pensions group and fund manager in Ireland, employing 2,000 people and servicing one million customers.
Irish Life Investment Managers
Managing assets in excess 39bn, ILIM manages money on behalf of multinational corporations, charities and domestics.

Irish Life position on current pension topics

Irish Life recently responded to a series of the consultation papers on pensions setting out our vision for a new retirement landscape for Ireland. We travelled to New Zealand to further review their KiwiSaver Auto Enrolement scheme. 

1. KiwiSaver – New Zealand’s winning Auto Enrolment scheme


Irish Life recently published its vision for Auto Enrolment (AE) in response to the ‘Strawman’ proposal and the ambitious reform and simplification of pensions. The support of AE is growing and we would strongly urge the government to take action now to make AE happen quickly and successfully.

A representative team recently travelled to New Zealand to further examine their KiwiSaver AE scheme. Based upon this research, we have since refined our policy in respect of the best approach to AE to ensure success. In our report, we include key learnings and insights into the technical aspects of implementing such a scheme and the necessity for AE to be correctly executed from the outset.

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2. Summary of Our Pensions Vision for Ireland

Irish Life Our Pension Vision for Ireland Roadmap for Pensions Reform   

Our Pensions Roadmap touches on all aspects of pensions within the State from changes to the State Pension to the proposed implementation of a nationwide “Auto Enrolment” scheme.

As a pension provider to over one million customers in Ireland with a wide variety of insurance needs and preferences, Irish Life has advocated on a number of key principles.



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3. Consultation on Supplementary Pensions Reform: Roadmap for Pensions Reform 2018-2023

Consultaiton on Supplementary Pensions Reform Irish Life Roadmap for Pensions Reform 2018-2023   

Irish Life welcomes the Interdepartmental Pensions Reform and Taxation Group’s consultation document on the reform and simplification of pensions. We agree with the view as set out in the consultation document that ease of understanding and confidence in the pension system are critical in encouraging people to save adequately for their retirement.

The reform and simplification of the current system would greatly facilitate any initiatives to expand supplementary pension coverage. We believe that it is important that members can save in the long term with confidence. This requires that members trust that pension schemes will be well run. It requires that members are consistently kept well informed, and can understand their options, so that they can make informed decisions. And it requires a regulatory environment that is stable, in order to support long-term planning.

We believe these outcomes can be best achieved by a system-wide review, coordinated across regulators, that provides consistency across pension products. The key long term challenge facing private pension provision is adequacy of outcomes and ensuring that savers are well prepared for retirement, particularly in an environment of increasing longevity and the ever growing pressure on the sustainability of state pension benefits.

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4. Irish Life vision for Auto-Enrolment

Irish Life vision for Auto-Enrolment   

Irish Life welcomes the publication of the Pensions Roadmap and the ambitious vision of pension reform set out by it. Irish Life believes that the implementation of an Auto Enrolment retirement savings system (as set out in the Strawman) is a key and fundamental action in addressing the pensions shortfall within Irish Society.

As the population ages, it is incumbent on all stakeholders (the State, employers and individuals) to take responsibility to ensure the best possible outcomes for old age. The extensive and all-encompassing vision within the wide-ranging Pensions Roadmap provides the State with a unique opportunity to create a world class pensions system for the future.

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