Ireland’s new pensions auto-enrolment system
On 29 March 2022, the Department of Social Protection published the Final Design Principles for the introduction of a pensions auto-enrolment system in Ireland.
The aim of auto-enrolment is to “change the Irish pensions system from one where employers may, or may not, make provision for a workplace pension scheme to one where every worker will have access to a workplace pension”. Even though proposals for auto-enrolment have been around since the 2000’s, Ireland has somehow managed to remain the only OECD country without any form of auto-enrolment system. With the publication of the Final Design Principles, will that all change and what are the consequences for existing pension schemes?
In this episode, Sarah McCague, Partner in the Pensions Group, and Philip Smith, Head of the Pensions Group in Arthur Cox will be talking about some of the key features of the proposed new auto-enrolment system and what it will mean for employers and the trustees of existing occupational pension schemes.