Why The Irish Pension Investing System Is Not Fit For Purpose: Colm Moore’s Contribution to the Irish Independent
Whilst Australia thrives with their compulsory superannuation system, becoming home to some of the richest people in the world and seeing many workers becoming pension millionaires, the question looms for Ireland, why is the Auto-Enrolment Scheme not receiving the same uptake?
Colm Moore, Managing Director of Moore Wealth Management recently contributed to the Irish Independent with his financial expertise and thoughts on the downfall of the Irish Pension System and the implications of Risk Profiling with respect to the proposed up-and-coming Auto-Enrolment Scheme in Ireland.
Risk profiling is a disaster. I’d be concerned that with auto-enrolment, you’re going to have a bunch of people in their 20s and 30s doing a risk profile and ending up with a five or six (out of 10) and put in a fund made up of 40pc equity. That’s insane.
Although the Irish Pension System, and in particular, the Auto-Enrolment Scheme attempts to take inspiration from much of the system built in Australia, contributing to much of the success of workers across the nation, issues such as conservative risk profiling, high fees, and a lack of awareness about better investment options continue to hinder pension growth in Ireland, leaving Irish workers wildly unprepared for retirement and filled with uncertainty for the road to Auto-Enrolment.
Read more on the Irish Pension System and Colm Moore’s expert insights in the Irish Independent today.
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