A new study reveals increasing awareness of Ireland's upcoming automatic enrolment pension scheme, with 28% of workers now familiar with the initiative. The scheme, set to launch in late 2025, will see workers automatically enrolled in a retirement savings plan unless they opt out.
Just over a quarter of people with no occupational pension and eligible to be automatically enrolled in the Government retirement savings scheme are aware of it, according to data from the Central Statistics Office. Just over a quarter of people with no occupational pension and eligible to be automatically enrolled in the Government retirement savings scheme are aware of it, according to data from the Central Statistics Office.
Of those asked, 72 per cent of people said they would remain the scheme once it was introduced. Workers are automatically enrolled in the scheme but have the option of exiting the scheme. Auto enrolment will apply to people between the ages of 23 and 60 who earn at least €20,000 a year and are not already part of a pension scheme through their job. Employers and employees will both contribute 1.5 per cent of their earnings to it, with the State adding a further 0.5 per cent. The contributions of all parties will gradually increase, reaching 6 per cent and 2 per cent, respectively, by 2034. The scheme is due to be introduced at the end of September 2025. “At an overall level, some 28 per cent of workers were aware of the Government planned scheme, up ten percentage points on the same period in 2023,” said Maureen Delamere statistician in the social modules division of the CSO. Some 53 per cent of workers who did not have pension coverage through their job said their employer does not offer any type of pension scheme, the data said. This was up three percentage points compared to the same period in 2023. For people who had a pension through their employment, some 26 per cent of people were on a defined benefit pension, according to figures. This is a decrease compared to the figure in 2023 when it stood at 30 per cent. The number of people with defined contributions pensions increased three percentage points to 69 per cent in 2024, according to the latest number
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