28 May Auto Enrollment for pension is coming soon
Ireland continues to have a low rate of pension plan take-up with pension coverage in the private sector at just 40% and Tánaiste Joan Burton has recently announced that a Universal Retirement Savings group will now start developing a roadmap and timeline for the introduction of a new pension scheme for all workers in Ireland. The plan will see the project reviewed by Government before the end of 2015.
The government can see evidence that this will be favoured by a majority of workers judging by a recent Irish Association of Pension Funds (IAPF) survey which revealed that 70% of people would support some type of mandatory pension saving.
When asked “Would you be in favour of the Government introducing a type of mandatory pension scheme to encourage more people to save for their retirement?”
The full report is available on the ipaf.ie website here.
Whether you are an employer, employee or self-employed, this will most likely affect you in the coming 1-2 years. Be proactive, stay in control and bring your planning forward to review your plans for retirement before the decision is made for you.