Pensions Winter Update 2019

This is the Winter 2019 update from our Pensions Group. This includes updates on the following topics:

1. Automatic Enrolment System
2. Memorandum of Understanding between the Pensions Authority and the Office of the Financial Services and Pensions Ombudsman
3. IORP II Update
4. Safeway Ltd v Andrew Richard Newton and Safeway Pension Trustees Ltd [2019] (Case C-171/18).

Automatic Enrolment System

On 30 October, the Minister for Employment Affairs and Social Protection provided an update in relation to the design and implementation of an automatic enrolment retirement savings system.

The key features outlined in the update are:

• the system will automatically enrol current and new workers aged between 23 and 60 that are earning €20,000 or more across all forms of employment each year. Workers in this age bracket that are earning less than €20,000 will not be automatically enrolled but will have the ability to opt in;