Auto-Enrolment: Next Steps for Employers
20 September 2023
In May of this year, the joint Committee on Social Protection, Community and Rural Development and the Islands published its pre-legislative scrutiny report on the Automatic Enrolment Retirement Savings System Bill.
The decision to implement an Automatic Enrolment system is consistent with recommendations contained in the OECD’s ‘Review of the Irish Pensions System’, published in 2014, that the single greatest goal in Irish pension policy should be to increase the supplementary pension coverage rate through the introduction of a mandatory or quasi-mandatory earnings-related system.
Ireland is currently the only OECD country that doesn’t operate an Automatic Enrolment (AE) as a means of promoting pension savings. The proposed new system simplifies pension decisions for workers and makes it easier for employers to offer a workplace pension.
Commenting on the proposed scheme, Miriam Bourke, Client Services Manager, Unio Employee Benefits said, “Pension auto-enrolment is a transformative steps for employers and employees alike. With implementation likely in the second half of next year, employers still have plenty of time to prepare for the new legislation. We will be monitoring developments closely as the Bill is enacted.”
Unio Employee Benefits has compiled an update covering all aspects of the proposed scheme: implementation dates; contribution rates; Committee recommendations and, next steps for employers.
We are here to help. If you have any questions on any of the information provided in this update, speak to your Client Manager or contact us at firstname.lastname@example.org.