Ireland’s auto-enrolment retirement savings system 

As at January 2024 - Auto-Enrolment (AE) is a new occupational pensions regime which will introduce mandatory retirement savings requirements for the first time in Ireland.  It is anticipated to commence in the last quarter of 2024.  An Auto Enrolment Bill will be published in March and it is expected to pass into law soon thereafter. The Government’s aim is to substantially increase the number of employees who are currently saving for their retirement – it has estimated that approximately 800,000 new pension savers will be created by AE. Under the new regime, a new State-operated central savings system will be established into which employees will be automatically enrolled.  This new central savings system will, however, exist alongside the current occupational pensions system.  This means that employers will be permitted to use their own occupational pension plan (or a Personal Retirement Savings Account) to meet AE requirements instead of using the central system provided that plan meets certain minimum standards.

AE will have significant implications for many employers.  It is vital that all employers understand the extent to which it might impact them and the immediate and longer-term implications for their business and their employees.

Read our latest articles to learn more about auto-enrolment and what it means for you.