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Planning for retirement is one of the most important financial decisions you’ll make. Whether you’re an employee, employer or self‑employed, understanding the pension landscape in Ireland will help you ensure a comfortable and secure future. At Golo.ie, we are your trusted partner in navigating the pensions world — explaining what you need to know, and how to act.
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These funds are held in the individuals own name. The can move with the employee to each employer. Both regular and once off premiums can be paid into the plan. Contributions qualify for tax relief by way of an annual tax return (myrevenue.ie). Employers can contribute to PRSA’s but cannot pay into personal pensions.
In response to this gap in participation
and savings, the Irish Government has introduced a new automatic‑enrolment
scheme (commonly referred to as “AE” or by its working title My Future Fund).
Key features of the AE scheme include:
– Applies to employees aged 23–60 earning
€20,000+ who are not already in a qualifying scheme
– Pot‑follows‑member structure
– Gradual phasing‑in of contributions
– Complements the State Pension
Important Dates & Deadlines
The Automatic Enrolment Retirement Savings
Systems Act 2024 has been passed. Commencement is expected 1 January 2026.
What This Means for Employees
– Eligible workers will be automatically
enrolled
– Opt‑out and suspension windows available
– Employees already in an employer pension
remain unaffected
– Reviewing pension options remains
important
What This Means for Employers
– Must identify eligible workers
– Payroll and admin systems must support AE
– Communication with employees is essential
Arranged by employers on behalf of their employees. Contributions from both employer and employee are administered via payroll deduction and both qualifiy for tax relief for both employee and employer. A trustee will need to be appointed, some employers opt to act as a trustee or appoint an independent professional to do so. There are many trustee firms available to choose from. The trustee maintains the scheme in accordance with regulations and guidelines set down by the pensions board.