Auto-enrolment Bill seeking Cabinet approval this morning

Auto enrolled pensions will get the state top up. Could existing pensions schemes be reclassified as auto enrolment to get the state top up?
Is there an employee/employer maximum % or can it be any number percentage over 1.5% in years 1-3?
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Laughahalla said:
Auto enrolled pensions will get the state top up. Could existing pensions schemes be reclassified as auto enrolment to get the state top up?
Is there an employee/employer maximum % or can it be any number percentage over 1.5% in years 1-3?
Click to expand...
Why would you want that? If you pay tax at the higher rate, you lose out. If you are on over €80,000, you lose out as the contributions are capped at that amount. No AVC facility and the retirement age is tied to the State pension age. And that's before your employer would drop their contribution to 1.5%.

And remember, AE is taken from net salary. Occupational pensions are from gross salary.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
The IT is also reporting on it
www.irishtimes.com

Government plan for January start to pension auto-enrolment deemed ‘optimistic’

Industry observers skeptical that scheme – aimed at capturing 750,000 workers without pension plans – can be up and running by start of 2025
www.irishtimes.com www.irishtimes.com

"At this stage, an implementation date of January 1st, 2025, seems very optimistic given the level of infrastructure that needs to be put in place in order for the scheme to be operational,” said Hilary Larkin, head of outsourcing at Mazars."
 
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