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Pension Auto Enrolment
To increase private pension coverage the Minister for Social Protection has introduced into
law the requirement for an automatic pension enrolment scheme for almost all employees in
the county.
Auto Enrolment will apply to any private sector employee who is:
- Between the ages of 23 and 60
- Earning more than €20,000 per annum
- Not a member of an Occupational Pension Scheme (OPS).
The scheme will be phased in over 10 years with a % of salary being contributed as follows:
- Salary is capped at €80,000 for the purposes of these contribution rates.
- Members can opt out after six months
- Unlike occupational pension schemes there is no tax relief available for employee conditions.
- Access to the AE fund will be from age 66.
