Pension for All in Ireland Soon: Government to implement Automatic Pension Entitlement
Dublin: Ireland’s Pension Authority has demanded that the government implement automatic pension entitlement as soon as possible. Today, the Pensions Authority will present a monitoring report to the Oireachtas Social Protection Committee.
2024: The pension authority has already approved the details of the new auto-entitlement scheme, which is slated to start in October. It must also be approved and implemented by Parliament.
Workers between the ages of 23 and 60 are enrolled in a pension plan that is jointly funded by their employer and the ministry. Everyone who starts work is automatically enrolled, but they have the option to opt out if they later decide to leave the pension scheme.
Employees who are not currently covered by an occupational pension scheme are eligible for the scheme.
Employers must set aside the employee contribution to their pension savings, plus the employer contribution, plus a government top-up of €1 for every €3 saved.
The bill introducing the pension scheme is currently before the Oireachtas Committee on Social Protection for scrutiny before legislation.
According to the Pension Authority’s Chairperson, the new scheme will help Ireland avoid the situation of low pension coverage. David Begg clarified.
While welcoming the introduction of pension auto-enrolment, insurance service providers are of the view that they have concerns about the scheme. However, given the wage disparity between private and public sector employees and the growing number of elderly people, all insurers are likely to side with the government. The Pensions Authority has advocated for automatic entitlement as a means of increasing worker pension coverage.
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