ELECTRIC.IE • The Magazine & Website for the Irish Electrical Industry • 25 New Workplace Pension Scheme for Ireland ‒Approximately 750,000 workers to be enrolled into a new workplace pension scheme. ‒For every €3 saved by a worker, a further €4 will be credited to their pension savings account. Final Design principles have been announced for an Automatic Enrolment Retirement Savings System for Ireland. Ireland is the only OECD country that doesn’t yet operate an Auto Enrolment or similar system as a means of promoting pension savings. The new system is designed to simplify the pensions decision for workers and make it easier for employers to offer a workplace pension. Under Auto Enrolment employees will have access to a workplace pension savings scheme which is co-funded by their employer and the State. A key feature of the system is that although participation is voluntary, so that people don’t have to participate, it operates on an ‘opt-out’ rather than an ‘opt-in’ basis. In order to encourage workers to participate, those people who choose to remain in the system will have their pension savings matched on a one-forone basis by the employer. The State will also provide a top-up of €1 for every €3 saved by the worker. This means that for every €3 saved by the employee, a further €4 will be invested by the employer and the State combined. This major reform in the Irish pensions landscape is intended not just to get people saving earlier but to support them in that saving process by simplifying the pension choices and importantly by providing for signi cant employer and State contributions as well. Details of the design of the Automatic Enrolment Retirement Savings System have been published at www.gov.ie/AutoEnrolment. With The Full Range Of Aquip IP66 Weatherproof Wiring Accessories GET FULLY AQUIPPED call: 01 2811122 fax: 01 2811224 email: sales@clicklitehouse.ie visit: www.clicklitehouse.ie 13A Sockets with Semi-Transparent Lid options Furnished/Unfurnished Enclosures 1 or 2 gang modular switches - 10A & 20A options Litehouse Aquip Ad.indd 1 12/04/2022 11:50 Industry News
RkJQdWJsaXNoZXIy Mzk5MjA=