Irish Firms Deadline: Workplace Pension Schemes
Here’s a summary of the key points from the Irish Times article regarding the new auto-enrolment pension scheme (“My Future Fund”):
Launch Date: Auto-enrolment instructions will be issued in early December,with the scheme officially going live on January 1st. Target group: The scheme aims to cover approximately 800,000 workers in the Republic of Ireland who are not currently in a workplace or private pension plan.
Exemption for Existing Contributions: Workers who have had pension contributions made thru payroll in the 13 weeks before the December instruction date will be exempt.
Employer Action Needed: Companies are encouraged to move eligible workers into their existing defined contribution pension plans before January to avoid default enrollment in the state scheme. Irish Life recommends having first contributions made by mid-November.
Portal Access: The online portal for employers to register and submit details will go live in December, providing “a number of weeks” to comply.
Compliance & Penalties: The Department of Finance assures employers there will be sufficient time to comply with the scheme and avoid fines or prosecution.
* Concerns Addressed: The article addresses concerns about limited time for employers to prepare,assuring them of adequate time to use the portal.