Pensions: Will Auto Enrollment happen?
Updated: Sep 20, 2019
What is Auto Enrollment you might ask? The government announced plans to make it compulsory for an employee to start a pension with contributions from both the employer and the government as well as the employee. It is something that needs to happen with less than 50% of Irish people currently paying into a pension and the future of the viability of the State Pension in question.
It is a subject that has been in the pipeline for over a decade but the end of last year it was announced it would be implemented by 2022. This however is looking increasingly unlikely with little being done since and industry insiders speculating it will never happen. Irish people rely too heavily on the State Pension when thinking about their retirement but the reality is that they will face a huge reduction in living standards if they fail to prepare now.