Pension queries - new Irish employee in new Irish company

Long time lurker, first time poster.

I'm returning to the workforce in a company moving into Ireland. They will have max20 people on different foreign contracts working in Ireland. For the Irish workforce who will have Irish terms and conditions, they are talking about actually giving us money to set up our own individual pension schemes. The idea they say is that the pensions will be fully transportable.

I suspect it's to avoid bureaucracy and costs on their side. The company is a good company and they're mostly seeking to avoid complexity and bureaucracy rather than costs. Should I be agreeable in the main to what they propose? I don't have a pension or if I did, it's a few small bits and pieces here and there.

What are the usual contribution rates for an employer in Ireland, e.g. if I put in 1% they should pout in x% etc? What should I watch out for? What should I ask?

It looks like they are angling towards a PRSA scheme, where they have no responsibilities. The money is your from day 1 but the employer contributions is liable to USC.

Get them to set up a company pension plan and have a trustee appointed to take all the regulatory hassle away from them. They can also state that you are entitled to their contributions from day 1.

Get them to pay by fee, otherwise any fees will come out of your pension pot.

5% would be the standard employer contribution. I have seen plenty with 3% but that's more or less pointless. The really good schemes contribute 13%.

There's quite a lot of work in setting up a company pension scheme.

Steven
www.bluewaterfp.ie