Pension Auto Enrolment and its implications for your budget

Auto-Enrolment (AE) represents a transformative shift in Ireland's occupational pensions landscape, introducing mandatory retirement savings requirements for the first time. The government's objective is to substantially augment the number of employees saving for retirement, estimating the creation of approximately 750,000 new pension savers through AE.

Under the new system, a State-operated central savings mechanism will be established, automatically enrolling employees. This coexists with the existing occupational pensions system, allowing employers to utilize their own pension plans (or a Personal Retirement Savings Account) to meet AE requirements, provided these plans meet specified minimum standards.

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Key Topics to be Covered:

• Identification of affected employees, both presently and in the future.
• Examination of immediate and long-term obligations under the new regime.
• Exploration of available options to fulfill AE requirements and the crucial decisions to be made.
• Assessment of the potential costs associated with AE.