Results 161-180 of 23,060 for speaker:Paddy Burke

Seanad: Central Bank (Individual Accountability Framework) Bill 2022: Second Stage (8 Feb 2023)

Paddy Burke: I congratulate the Minister of State as well and wish her well in her portfolio. This is very important legislation. We have seen over the years the hardship and so on that was visited at many doors in this country - not just in this country but right around the world - from the crash until now. The first two paragraphs of the explanatory memorandum set out quite clearly what the Bill...

Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (8 Feb 2023)

Paddy Burke: I welcome the delegations to the committee. Based on their experience and having looked at other systems, should it be a State system, a private system or a joint venture between the State and Insurance Ireland, for example, or an entity that would win a tender?

Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (8 Feb 2023)

Paddy Burke: Say I am investing €20 every week or month into a pension and it goes into the purchase of housing this year, for example. Does it go into something else next year or a combination of things? How does my €20 work out?

Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (8 Feb 2023)

Paddy Burke: Would it not be better from the State's perspective if it took, say, €500 million into auto-enrolment and would invest the money? If it did not collect enough then that would be the State's investment into the fund anyway so the State invests in bonds or whatever anyway. Would that not be a better system? It would be easier for the State to control it. Would it not be easier for...

Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (8 Feb 2023)

Paddy Burke: Yes, but it could be a type of joint venture. Maybe the NTMA would do it or maybe Insurance Ireland could do it. Maybe it would contract somebody to do it.

Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (8 Feb 2023)

Paddy Burke: It does. It makes it more clear to me. So Insurance Ireland has a problem with that system.

Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (8 Feb 2023)

Paddy Burke: If I am putting in €20 per week, or whatever it is, who am I to be investing in those? I have no experience in it and I do not know. Am I not better with the CPA?

Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (8 Feb 2023)

Paddy Burke: In some cases, as we know, people have paid a high price too by investing with insurance companies and they have got very little out either. There are pros and cons for the person who is paying the €20 per week.

Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (8 Feb 2023)

Paddy Burke: I have a final question. If we pay in our €20 per week and the State collects it, Ms Thornton is saying that rather than have the CPA, we should give it to the likes of her sector because the system is already in place. That is it. It is the CPA versus the Insurance Ireland and whoever else.

Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (8 Feb 2023)

Paddy Burke: Is Dr. Roantree saying that the level of charges could be set in the legislation?

Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (8 Feb 2023)

Paddy Burke: If the Minister makes a decision through regulation or whatever else, he or she will only be doing so on the basis of advice from the CPA or wherever else.

Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (8 Feb 2023)

Paddy Burke: The ESRI is in favour of auto-enrolment.

Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (8 Feb 2023)

Paddy Burke: Will there be an upper or lower age limit beyond which people cannot join? Can people join two or three years before they turn 66?

Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (8 Feb 2023)

Paddy Burke: Let us consider people who join the scheme and decide to opt out after three or four years. There is an initial charge at the point of auto-enrolment in the scheme.

Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (8 Feb 2023)

Paddy Burke: I am.

Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (8 Feb 2023)

Paddy Burke: People will be able to opt in again at any stage.

Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (8 Feb 2023)

Paddy Burke: I see.

Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (8 Feb 2023)

Paddy Burke: People may be out of the scheme for a year and may come back in.