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Automatic Enrolment Retirement System
- Wed 30 August, 2023
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
- Employees earning €20,000 gross per annum across all employments
- Employees who are without a current supplementary pension
- 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 at the hub by clicking here and also in the published information leaflets for the Employee and the Employer.
The Department of Employment Affairs and Social Protection will also be holding informational webinars in the future. If you would be interested in attending one of these, email email@example.com