Revealed: Vast majority of public supports long-delayed new mandatory pension scheme
Now a survey has found that over 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 national 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 towards broader pension coverage. But Ask Acorn experts warned that this could lead some workers to a false sense of financial security.
Ask Acorn CEO 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.'
Last week, Social Protection Minister Dara Calleary launched a national awareness campaign for My Future Fund.
Mr Butler said the Government should be encouraged by the feedback from the research.
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'Even more important than the fact that so many support the fairness of the auto-enrolment itself is the fact that so many of those eligible plan to remain in the scheme,' he said.
'If nothing else, these results should be viewed by those with responsibility for the rollout as a compelling reason to ensure there are no further delays.'
The rollout of the scheme has been subjected to repeated delays over the last two decades.
Mr Butler said My Future Fund would be a good fit for many, especially those who have not yet thought seriously about pensions.
'But for others, particularly those with different income levels, career paths or retirement goals, auto-enrolment could fall short of delivering the retirement they're expecting.
'Workers should absolutely be proactive in taking some advice to determine whether auto-enrolment is truly the right vehicle for their needs, or whether the rollout is just the prompt they need to take action around their financial plans for the future.'
The survey, conducted by iReach, found that four in 10 Irish adults believe it is 'very fair' that workers would be automatically enrolled to the pension scheme.
A further four in 10 described it as 'somewhat fair'.
One in six feel the compulsory enrolment of workers to the scheme is either 'somewhat' or 'very' unfair.
The youngest age cohort surveyed are the most likely to feel it is 'very unfair' to automatically sign workers up to the scheme.
Mr Butler said the findings indicated there was an obvious demand and need for the scheme. One-third of Irish workers have no pension coverage outside the state pension.
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