Auto-Enrolment Retirement Savings System: Who Qualifies and What You Get
Learn how the automatic pension enrollment works for employees in Ireland, including who qualifies and what the employer contributions look like.
This system automatically places eligible workers into a workplace pension scheme to help them save for their retirement.
Who it's for
This scheme applies to employees who fall within a specific age range and meet a certain income threshold. Specifically, you must be between the ages of 23 and 60 and earn more than €20,000.
What you get
You receive a mandatory workplace pension. This setup includes contributions from your employer as well as matching from the state to help build your retirement savings.
What it costs you
The cost to you is a portion of your pay, while your employer is also required to contribute. For employers, the contribution starts at 1.5% of your gross pay.
The catch to know
The system uses an "opt-out" approach. This means you are enrolled in the pension scheme by default rather than having to sign up yourself.
How to apply
- Check your age and annual earnings to ensure you meet the criteria.
- Review your payslip to confirm your employer is making the required contributions.
- If you do not wish to participate, follow the official process to opt out.