A new public body, the National Automatic Enrolment Retirement Savings Authority, will be set up to administer the Auto-enrolment scheme.

It sounds like Ireland is gearing up for the introduction of auto-enrolment in its pension savings scheme in late 2024 / early 2025. This initiative targets employees who are not currently contributing to a pension. 

Under the scheme, the employee, employer, and Government all pay a certain amount into the employee’s pension fund.

A new public body, the National Automatic Enrolment Retirement Savings Authority, will be set up to administer the Auto-enrolment scheme. The scheme will be supervised by the Pensions Authority.

Who will be automatically enrolled?

You will be automatically enrolled in the new pension scheme if you are an employee and:

• You are age between 23 and 60.
• You are not currently part of a pension plan.
• You earn €20,000 or more per year.

If you previously contributed to a pension but don’t anymore, and you meet the other conditions, you will be automatically enrolled.

If you earn less than €20,000 per year, or you are not age between 23 and 60, you can choose to join the pension scheme if you are not already part of a pension plan.

What happens if I change jobs after being enrolled?

If you change jobs after being automatically enrolled, you won’t need to change your pension or join a new scheme. You will remain a member of the auto-enrolment scheme on a ‘pot-follows-the-member’ basis. You won’t have to do anything, as the new National Automatic Enrolment Retirement Savings Authority will manage the change.

What is the maximum contribution?

For every €3 that you contribute to your pension fund, your employer will put in €3, and the Government will put in €1. This means that for every €3 you contribute, €7 will be added to your account.

Both an employer’s and the Government’s contributions are capped at €80,000 gross annual salary

This seems like a lot of information to take in, just like all the details around your pension-related activity.

Why not  Contact us below to plan for your future.