New Automatic Enrolment Retirement Savings System - Comprehensive Article from Jennifer Cashman

The Government has approved a large part of the design of a new Automatic Enrolment Retirement Savings System on foot of proposals from the Minister for Employment Affairs and Social Protection, Regina Doherty T.D. This follows on from the Government’s Roadmap for Pensions Reform which sets out the Government’s intention to develop and implement an Automatic Enrolment Retirement Savings System for the significant number of people working who do not have supplementary pension coverage.

Minister Doherty said:

“Most people, particularly when younger, don’t think about saving for their retirement. The figures are stark – two thirds of private sector workers don’t have any pension provisions made. While the State Pension will always be there for people, I want to ensure that the pensioners of tomorrow – all those in the workplace today – don’t just have enough to live but have a comfortable life in their retirement.”

More from Welfare.ie:
http://www.welfare.ie/en/pressoffice/Pages/pr301019.aspx

RDJ - Comprehensive Article Available

Jennifer Cashman, Partner, Ronan Daly Jermyn, has written a wonderfully comprehensive (but very readable) summary of the proposed changes and developments, covering issues, such as:

• Standardise Tax Relief
• Include the Self-Employed and Homemakers
• Target membership
• Contributions
• Policy for opt-out and re-enrolment
• Administrative arrangements and organisational approach

There’s much more from RDJ on their website:
https://www.rdj.ie/insights/ireland-moves-closer-to-auto-enrolment-scheme