We partner with you to address your pensions and savings challenges together
The Irish government plans to introduce mandatory pension scheme automatic enrolment for all employees who meet minimum qualifying criteria. The current plan is for this to be introduced in September 2025. It also requires a fundamental and potentially significant financial change for non-pension scheme members – with the potential to impact their relationship with their employer. The Automatic Enrolment Retirement Savings System Bill has now passed both houses of the Oireachtas and lays out the establishment of My Future Fund as part of pensions Auto-Enrolment in 2025. An administrator (Tata Consultancy) has been formally appointed; however investment firms to manage assets are yet to be appointed.
Similar legislation was introduced in the UK and WTW consultants worked with many companies to implement the solutions required to meet the legislation and deliver employee engagement and education programmes. Our Irish team have worked closely with their UK colleagues to develop expertise and insights in this complex area so we can assist our clients. We can also help clients via our Auto-Enrolment readiness assessment service the key areas that we are advising clients on are:
- Understanding the financial impact to the business of auto enrolment
- Consideration of the total reward offering for employees when this is introduced
- Consideration of the impact on member benefits
- Consideration of payroll complexities of having to enrol and allow members to opt out of pension scheme provision
- Considering the employee experience including assessing current sentiment and behaviour to drive desired outcomes, and how to build understanding and drive take-up of company pension schemes.
- Considering the design of the pension offering to ensure it meets the Auto Enrolment requirements
