Key Messages for Universal Retirement Savings Scheme Implementation
Discover key messages advocating for a universal retirement savings scheme, including clear economic criteria, individual responsibility, and minimum/maximum salary thresholds. Learn about the importance of effective communication and self-certification in ensuring successful implementation.
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Presentation Transcript
A Universal Retirement Savings Scheme Tony Donohoe Head of Social Policy
Key messages Clear economic criteria and commitment on labour costs Rollout must have clear roadmap First reform principle do no harm Raises issue of equity Entry level, low cost savings vehicle for lower paid workers without a scheme
Key messages Individual responsibility for pension savings Auto-enrolment with one opt-out Available in companies of all sizes Employer contribution Government subsidy
Key messages Minimum salary threshold - 25k Maximum salary threshold - 50k Waiting period of 12 months for new entrants Administered by State with monthly collections through PAYE system Pension industry responsible for ongoing management/investment
Key messages Self certification Avoid need for costly and complex individualised compliance Avoid encouraging employers to level down existing provision Effective communication of reform
