A groundbreaking new retirement savings scheme for workers is set to become law in Ireland. The auto-enrolment pension savings scheme, having successfully passed through both Houses of the Oireachtas, is now awaiting the President's signature.
Ireland has been the only OECD country without an auto-enrolment or similar system aimed at promoting pension savings. This new scheme represents a significant step forward in ensuring financial security for employees in their retirement years.
Key Features of the Scheme:
- Automatic Enrolment: All employees aged between 23 and 60, earning over €20,000 annually across all employments, and not already part of an occupational or equivalent pension scheme, will be automatically enrolled.
- Opt-Out Flexibility: While enrolment is automatic, participation is voluntary. Employees have the option to opt-out or suspend their participation after six months.
- Gradual Implementation: The scheme will start next year and will be gradually phased in over the next decade.
- Limited Retirement Savings Options: Employees can only choose from four different retirement savings strategies to hopefully achieve their pension goals.
This initiative is designed to help workers build a robust retirement fund, providing peace of mind and financial stability in their later years. However, understanding the intricacies of this new scheme and selecting the best strategy can be complex.
What it means for YOU ...
Navigating the new auto-enrolment pension scheme may seem daunting, but you don't have to do it alone. The experts at Dooley Insurance Group are here to help you make informed decisions about your retirement savings. At Dooley Insurance we are here to help provide you with advice on steps to take:
-
Expert Advice: Our experienced advisors can guide you through the details of the scheme and help you understand how it impacts you.
-
Tailored Solutions: We offer personalized advice to ensure you choose the best retirement savings strategy for your individual needs – is the Auto-Enrolment Scheme best for you, or would you benefit from an occupational scheme ?
-
Ongoing Support: If you feel an occupational scheme is better for you, or if you decide to exit the Auto -Enrolment scheme as you need to save more, then we can provide long-term planning, we're here to support you every step of the way.
Don't leave your retirement to chance. Reach out to Dooley Insurance Group today to learn more about the new auto-enrolment pension scheme and ensure your financial future is secure.
Contact us to schedule a consultation and take the first step towards a confident retirement.
Contact Dooley Insurance Group Now!
Make the most of the new auto-enrolment pension scheme. Visit our website or call us today to speak with one of our knowledgeable advisors.
Secure your retirement with Dooley Insurance Group – your trusted partner in financial planning.
