National Automatic Enrolment Retirement Savings: Who Qualifies and What You Get
Learn how the state-backed pension scheme works for employees and what employers need to contribute to retirement savings.
This scheme is a state-backed pension system designed to help workers build up savings for their retirement through automatic enrollment.
Who it's for
This scheme is for employees who meet specific criteria regarding their age and how much they earn. To qualify, you must be between the ages of 23 and 60 and earn more than €20,000.
What you get
You receive a state-backed retirement savings plan. This is designed to ensure that staff members are contributing toward a pension to support them when they stop working.
What it costs you
While the scheme helps you save, there is a cost involved for both the worker and the employer. Your employer is required to match your contributions to the scheme.
The catch to know
The rollout of this scheme is happening in stages. Because implementation is phased, you should check the specific start date for your particular work sector to know when it begins.
How to apply
- Check your current age and annual earnings to see if you meet the requirements.
- Confirm the implementation schedule for your specific industry.
- Speak with your employer to understand how your contributions and their matching funds will be deducted.