Automatic enrolment is a new form of retirement savings system that is intended to be introduced in Ireland in 2024. Employees who do not have an occupational pension will be automatically enrolled in the new scheme, with the choice to leave the scheme or ‘opt out’ under certain conditions.
With the introduction of this system, the Government aims to promote pensions savings, increase the number of employees in Ireland with a pension and reduce the numbers entirely reliant on the State pension when they retire.
Background
Employers in Ireland are legally obliged to provide their employees with access to at least one standard personal retirement savings account (PRSA) within six months of the commencement of employment if they do not
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