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The National Automatic Enrolment Retirement Scheme Authority reports that participants have saved over 500 million euros since the start of the year, with less than 4 percent of the 800,000 enrolled workers choosing to recoup their contributions.
Figure amounts to less than 4% of the 800,000 workers enrolled in scheme since it became active on January 1st The National Automatic Enrolment Retirement Scheme Authority said more than €500 million had been saved by participants in the My Future Fund since the start of the year.
Photograph: GettyThe National Automatic Enrolment Retirement Scheme Authority said the figure amount to less than 4 per cent of the more than 800,000 workers who have been enrolled in the scheme since it became active on January 1This, it said, was below the expected number for the window, during which people who had been enrolled in the scheme’s initial period had the option of recouping the 1.5 per cent of gross pay contributions they had paid to date. The contributions made by the employer and Government contributions remain in the person’s pension pot.
If individuals do not voluntarily rejoin the scheme within two years of leaving, they are automatically re-enrolled. Patrick Bergin, co-star of Julia Roberts in Sleeping with the Enemy, seeks buyer for Offaly castle NAERSA said more than €500 million had been saved by participants in the fund since the start of the year. It said 380 participants had requested that their contributions be suspended.
About 10,500 employees, meanwhile, who did not fulfil the age or earning criteria for automatic enrolment, had voluntarily opted in to the scheme during its first eight months. Damien McCarthy of HR Buddy said the number of opt-outs was low, but significant.
“It has probably been primarily driven by people at the lower end of the earnings spectrum, people earning towards the €20,000 figure who simply need the money, who feel they can’t afford to see the contributions coming out of their wages. Although there would a number too who have private pension arrangements.
“The numbers are on the low side, but a lot of people who were auto-enrolled, and quite a few employers, would not really have been aware of the period for opting out. There wasn’t nearly so much advertising about this aspect of the scheme as there had been around its launch at the start of the year.
”social policy officer Laura Bambrick said the fact 96 per cent of participants had chosen to remain enrolled was a major endorsement of the scheme’s benefits.
“The low opt-out rate is a resounding signal of support in the new My Future Fund retirement savings scheme,” she said, before suggesting that issues persist with a minority of employers. “Documents recently released under Freedom of Information shine a light on some of the bad practice engaged by some employers to deny their employees the 3.5 per cent legal minimum contribution and a financially secure old age.
Continuing to monitor compliance and strong enforcement of the Auto-Enrolment Act will be central to determining the success of My Future Fund. ”Entry-level jobs being lost to AI overstated, says new CIPD chief executive,Why emotionally intelligent people bear the most weight in toxic workplacesGirl taken to hospital after allegedly consuming cocaine at party, court hearsIn a small Iranian town, a US attack turns a wedding into a tragedy Bus and rail fares to rise 15% on average as Taoiseach says Government can’t ‘fund everything forever’
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