PROGRAMME CONTENT

INTRODUCTION

• Auto Enrolment is a pension scheme established by the Irish Government that is set to come into effect in January, 1 2026. ​
• Voted into law on April 17, 2024, the Automatic Enrolment Retirement Savings Systems Bill 2024 is underway.
• It is estimated that 800,000 will be automatically enrolled. ​
• The Department of Social Protection is responsible for its introduction of this government initiative. ​A newly established government Central Processing Authority (CPA) will oversee the enrolment process, contributions management and employer compliance.

PENSIONS

• Retirement
• It is part of a broader effort to address the pension gap. ​
• According to the CSO, around one third of employees (aged between 20 and 69)  have no private pension.
• The goal of Auto Enrolment is to increase the pension savings among this group of people

AUTO ENROLMENT INFORMATION

• What is Auto Enrolment. ​ The scheme fund will be called “My Future Fund”
• Pension Today in Ireland
• State Pension  -  Current State Pension arrangements (€289.30)
• Life expectancy in Ireland & Comfortable Retirement
• Eligibility Criteria (age, income and employment status)
• Nor for Self Employed, Non- Earners and existing members of Occupational Schemes and PRSA.
• Auto Enrolment  - Opt -Out Criteria
• Scheme Contributions ( Employer, Employee and Government) and contributions progression over next 10 years
• Scheme Management: NEARSA / CPA / Tax Treatment
• Employer Compliance

PREPARATIONS

• What Employers need to do now?
• Payroll Preparations
• Employer existing pension schemes
• Employee Communication
• Employment documents (Employment Contracts / Employee Handbook) need to be updated)
• Critical Time line to implementation

Trainer: Niall Glynn & Associates Limited