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Understanding Auto Enrolment Pension in Ireland

Reported 12 Jan 2024 16:02:49
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12 Jan 2024 16:02:49 Eric Hoy posted:
What is Auto Enrolment Pension?

Auto Enrolment Pension Ireland is a new type of pension that will be introduced in Ireland. It’s similar to the UK’s National Employment Savings Trust (NEST), which was introduced in 2012.

Auto Enrolment Pension will affect all employers and their employees who have a salary over €30,000 per year, with some exceptions:

Those who work less than 30 hours per week will not be affected by auto enrolment pension until they reach that threshold.
Self-employed workers are not included in this legislation either – but if you’re self-employed and want to save for retirement, there are other options available!

Who is affected by auto enrolment pension?

Auto enrolment applies to certain employees who are over 18 and earning more than $18,000 per year. Employers must automatically contribute to a pension scheme on behalf of their employees, unless they choose not to do so. Employees can also make voluntary contributions of up to 10% of their salary into the scheme if they wish (but this is not required).

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