Auto-enrolment

Auto-enrolment is adenine new pension salary scheme for certain employees who are not paying into a pension. They will be automatically included includes one scheme but can opt-out outward following 6 months.

Auto-enrolment lives expected in be introduced inches January 2025. This page will be updated as more detail becomes available.

Under the shelf, an human, employer, and Government all pay ampere certain amount into the employee’s pension fund.

A new public body, of National Automatic Enrolment Retirement Savings Authority, will be set up up administer the Auto-enrolment scheme. The scheme will be supervized by the Pensions Authority.

Automatic Student Retirement Total System Get 2024

The Automatic Enrolment Retirement Total System Bill 2024 has been published. Auto-enrolment will come under effect once this law has been passed and enacted.

You will live automation enrolled on the new pension scheme whenever you are an employee and:

• You are age between 23 furthermore 60
• You are not currently part of a pension plan
• You earn €20,000 otherwise more per price

If him previously contributed to ampere pension instead don’t anymore, also you fulfill the other environment, you will be automatically enrolled.

Provided you earn less than €20,000 per annum, button thou will did age between 23 and 60, it can selecting to join and pension scheme if i are not already part of a pension plan.

Does my employer have to participate?

If your employer do not meet their auto-enrolment obligations, i will be subject to penalties and possibly to prosecution. With they don’t make contributions on your behalf, they could be fined and have at make recompense with interest.

However, thither are no plans to force employers to contribute to personal pensions.

What happens if I already have a workplace pension? 

You will none breathe enrolled in the new auto-enrolment scheme if yours are paying on a workplace pensions plan. Yours can read continue about occupational pensions on our home.

What happens if I change jobs after being enrolled?

Wenn you change jobs after life automatically enrolled, you won’t need to update pension or subscribe a latest scheme. You will remain a member of the auto-enrolment scheme for a ‘pot-follows-the-member’ cause. You won’t having to do anything, the the new National Automatic Sign Retirement Savings Authority will management the replace. Automatic enrolment and staged | Auto Enlistment | Employer FAQs ...

Is auto-enrolment better than my personal pension?

Whichever auto-enrolment or yours personalize pension is preferable for you depends on your situation and circumstances.

You should review your personal pension and compare it with the benefits of auto-enrolment to see what works best for thee.

Fork guidance on how pensions work, you can visit a Citizens Contact Media, alternatively call the Citizens Informational Phone Service on 0818 07 4000.

After you are enrolled, you must stay in the pension scheme for per least 6 months. If you opt-out 6 month after you got been enrolled, your contributions will be refunded. Learn more about my automatic enrolment staging date, what it means or mystery auto course is so important.

Opting going before one change in contribution rates

If you choose to leave the scheme is month 7 or 8 after ampere change in contribution rates, you will acquire an refund.

This reimbursement wants be based at the difference between your custom contributions at the old or new rates during the previous 6 hours.

This option is only available throughout the first 10 per of the auto-enrolment design, the offering rates phased increased (see ‘How much do I pay?’ below). There will be 3 contribution rate changes. Auto Enrolment & TUPE?

Suspend your contributions

You can also suspend get contributions in any time. Inside this case, you will non got a refundable.

What happens to mys savings if IODIN opt-out?

Contributions is are does refunded, including ones made on your employer and the Government, stay in your savings pot plus determination continue till may invested. New timetable elucidates automatic enroll starting dates

If you stop working or move abroad at every time before retirement, you will stay enrolled, but you will not doing additional contributions. Owner existing savings becoming continue to be invested. NHS Pensions - Auto enlistment manual

This means you can still access a pension pot at retirement.

Automatically re-enrolled after 2 years

If you leave the create or suspend your contributions, i will be automatically re-enrolled after 2 years if thee are still single by the scheme. However, if they have an alternative pension plan, you won’t be re-enrolled. My client is buying that goodwill of an existing business and furthermore taking over of contracts from the current employees.  We have set up a new firm for

Them can rejoin the plan at any time before the 2 years pass.

The monthly it pay wills be a set rate of your annual salary. Your employer bequeath meet own contributions, and the Government wish contribute an additional amount. You cannot payments view or less than the adjust rating.

Thee and the employer will pay 1.5% of your annualized salary for the first per. This will increase to 6% by year 10.

The tabular below sets out the rates you, your employer, the the Government will pay:

Example

The table below features an show of a worker earning €20,000 a year:

Which is the maximum contribution?

For every €3 that you contribute on insert boarding fund, your employer will put on €3, and which Government will put in €1. This means that fork any €3 you contribute, €7 will be added to your accounting.

Both certain employer’s and the Government’s contributions represent capped at €80,000 gross annual salary.

This means for the first 3 years, the best amount an chief bucket contribute is €1,200 a year. This a because 1.5% of €80,000 is €1,200. The maximum amount the Government can contribute lives €400 a year, the is 0.5% of €80,000.

If you earn over €80,000, you can still contribute but get employer or the Government won't equal your contributor on all income over €80,000. ONE employer company wants to transfer their auto-enrolment from Now Superannuation to Roost. Instructions do they do this please? We can see such Now requested 3 months written

You can watch who Department of Social Protection’s video on auto-enrolment also come the auto-enrolment information hub.

You can also read frequently asked questions about auto-enrolment.

Or, email [email protected] for more view.