Limerick TD criticises ‘bureaucracy’ of new pension scheme

LIMERICK TD Willie O’Dea has criticised an “increase in bureaucracy” under the new auto-enrolment pension scheme.

The new scheme will see some employees who are not paying into a pension automatically included, with an option to opt out after six months.

For every €3 contributed by an employee under the scheme, the State will add €1.

Deputy O’Dea criticised the scheme’s “bureaucracy”, highlighting in particular the fact that the pensions will be managed by private insurance companies – who he says the public has little confidence in since the 2008 financial crash – and not by the State.