• Farrell & Farrell

ROI - 2024 Auto-enrolment Pension Scheme


The Irish Minister in the last few days has announced the principles of the proposed Irish auto-enrolment pension scheme due to commence in 2024. Under auto-enrolment employees will have access to a workplace pension savings scheme which will supplement the Irish State pension and which will be co-funded by the employer and the State.

The UK also operate a similar auto-enrolment workplace pension scheme which commenced in 2012.

The aim of the new Irish scheme is that all employees not already in an occupational pension scheme, aged between 23 and 60 and earning over €20,000 across all of their employments will be automatically enrolled. Although participation in the scheme is voluntary, it will operate on an ‘opt-out’ rather than ‘opt-in’ basis.


Contribution – employees who choose to remain in the system will have their contributions matched by the employer on a 1:1 basis up to a max of €80,000 of earnings. The State will also provide a top-up €1 for every €3 saved by the employee. E.g. For every €3 saved by the employee, a further €4 will be invested by the employer (€3) and the State (€1). The introduction will be very gradual with both employer and employee contributions starting at 1.5% and increasing every three years by 1.5% until they reach 6% by 2034. It is intended that the employee will have a range of four retirement savings funds to choose from depending on their risk/return profiles.


We expect more clarity will be required as to how this auto-enrolment scheme is expected to sit alongside the existing private pension schemes.



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