New Pensions Law

Under new pensions legislation, all employers must offer employees access to a pension scheme by 15 September of this year. They must do this in one of two ways:

Offer an Occupational Pension Scheme (applies to limited companies)
Give employees access to a Personal Retirement Savings Account (PRSA) through payroll deduction

Under Occupational Pension rules the employer must make a contribution to the employee's fund. Under PRSA's, employer contributions are not required but the employer must make provision through payroll deduction for the employee to contribute.

Why has the Government done this?

The new legislation recognises that a large percentage of the Irish workforce is not providing for retirement and sets out to tackle the problem. It is well known that many traditional pension providers in Ireland have levied high charges on pension schemes and these charges are not as transparent as they should be. This has discouraged people from making pension provision. Charges reduce the effect of the contribution by the employer and reduce the value of the pension for the employee when they retire. PRSAs may help but there are still problems with the way many providers are implementing them.

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