Webinar to support firms on auto-enrolment
As firms across the country prepare for the introduction of the new auto-enrolment (AE) pension system on 1 January, the Law Society is to host an online lunchtime session on the topic later this month.
The body that administers the system, the National Automatic Enrolment Retirement Savings Authority (NAERSA) is set to issue the first AE payroll notifications (AEPNs) in early December.
NAERSA, which was formally established by the Government last month, will use payroll data from Revenue to determine which employees are in scope, looking back at data over 13 weeks covering September, October, and November.
This means that the November payroll period will be the last opportunity to exempt employees from the AE system.
‘My Future Fund’
Under the system, employees aged between 23 and 60, who earn over €20,000 a year, and who are not already paying into a pension scheme, will be automatically enrolled to make contributions to the savings system, called ‘My Future Fund’.
For every €3 put in by an employee, the employer will also contribute €3, and the State will contribute €1.
NAERSA will collect all employee, employer and State contributions, and invest the money on participants’ behalf.
An employer portal for the AE system is also expected to be launched in early December.
Overview and update
The Law Society is hosting a complimentary webinar on 17 November (1pm to 1.45pm) to help solicitors to understand their obligations, payroll adjustments, and implications for employment contracts.
is now open.
It will be hosted by Davin Spollen, vice-president of the Irish Institute of Pensions Management and chief executive of Arachas Employee Benefits.
The lunchtime session will cover:
- An overview of the auto-enrolment framework and how it will operate in practice,
- The updated Government timeline,
- An overview of employer requirements, and
- Last-minute checks and guidance.
Questions can be submitted in advance to solicitorservices@lawsociety.ie.