With a new retirement savings system for employees due to be rolled out in late 2024, you can find all the latest updates on gov.ie/autoenrollment.
Automatic enrolment is a new savings and investment system for employees where financial returns are paid out to participants on retirement. It is essential, as not enough people have occupational or supplementary pension coverage to help maintain a reasonable standard of living in retirement above the level of the State Pension. Enrolments are expected to begin in late 2024.
All your employees meeting the eligibility criteria, who do not already have an active occupational or supplementary pension arrangement, will be automatically enrolled.
The benefit to employers is that you’ll be able to look after your employees’ retirement wellbeing, without the administrative burden and cost of setting up a pension scheme.
The following will be automatically enrolled:
- Employees
- Aged between 23-60 years
- Earning €20,000 gross per annum across all employments
- Who are without a current supplementary pension
Excluded are:
- Self-employed
- Non-earning
- Those currently paying into an occupational pension scheme or an employer supported PRSA
All information on rates of contribution and information on how the scheme will operate can be found on our hub here and also in the published information leaflets for the Employee and the Employer
The Department will be holding informational webinars in the future. If you would be interested in attending one of these, please let us know by dropping us a mail at autoenrolment@welfare.ie.