As per our recent blog post, there are plans to introduce auto enrolment to pensions for employees in Ireland. The mandatory pension scheme is being introduced to address the issue of a high level of workers who have no pension plan in place and plan to rely solely on the state pension.
Under this proposal, the Department of Employment Affairs and Social Protection suggests that all PAYE workers between the ages of 23 and 60 earning more than €20,000 will be automatically enrolled in a pension in 2022 if they are not already signed up to a scheme.
They would pay 1 per cent in the first year, a figure that will rise by one percentage point every year until 2027 when they would be contributing 6 per cent.
The contributions would be matched by their employer up to a salary of €75,000 and the State would contribute €1 for every €3 saved by the scheme member.
In this scenario, from 2027, workers would see a total of 14 per cent of their gross pay going into a fund for their retirement.
Roban Financial in conjunction with Zurich Insurance and Enniscorthy Chamber of Commerce are hosting a Breakfast Briefing on this important topic on Thursday 16th May next.
The introduction of this legislation will affect all Employers and it is crucial that all Employers are aware and prepared for the incoming changes.
Date: Thursday, 16th May 2019
Venue: Riverside Park Hotel
Schedule: 7.30 am Breakfast
8.00 am Auto-enrolment and pension changes in 2019, Niall Fitzpatrick, Head of Retirement Solutions at Zurich
8.30 am Adding value through asset allocation, Richard Temperley, Head of Investment Development at Zurich
RSVP: Please RSVP to firstname.lastname@example.org by Thursday 9th May.