A brief outline of the issues faced, and some of the solutions we are advocating for
The pensions landscape in Ireland is intimidating and uninviting to the average saver. Many people are unaware of how much they are required to save, what their money is invested in and how much they are being charged on a yearly basis by their pension provider (https://www.irishtimes.com/business/personal-finance/savers-still-mostly-clueless-about-their-pensions-1.4026584). Therefore, our first goal to improve Irish pensions will be asking all political parties to support the requirement that pension providers in Ireland must give customers a KID (Key Information Document). This will be a requirement for any pensions provided as part of the new pan-European pension scheme (PEPP). These pensions should be on offer by the end of 2021/beginning of 2022.
The KID highlights the lifetime cost of the fees imposed by the pensions provider in a clear and accessible manner. Customers will be able to gain an insight into what their pension is costing them. This will allow them to make informed decisions when picking what is probably the most important product they will ever purchase.
The following link is an example of a KID document created by Better Finance: https://betterfinance.eu/wp-content/uploads/PEPP-Key-Information-Document-current-requirements.pdf