The Minister for Social Protection has today published the
general scheme of the Automatic Enrolment Retirement Savings System
Bill. The Bill is expected to be introduced in the Oireachtas
following the Easter Recess.
Once the legislation is enacted and commenced, it is expected
that all employees aged between 23-60, who earn in excess of
€20,000 per year and who are not already enrolled in an
occupational pension scheme, will be automatically enrolled into
the new system.
Contribution rates are to be phased in over a 10 year period.
The system will operate in a manner similar to the old SSIA, in
that contributions made by an employee will be matched by their
employer and then topped up by the State. Employees will initially
contribute at a rate of 1.5% of their gross earnings, rising in
increments to a 6% contribution from 2034 onwards. For every
€3 contributed by an employee, it will be matched by a €3
employer contribution and topped up by a State contribution
