Start date announced for auto enrolment- 30 September 2025

[Dr Strangelove]

Start date of 30 September 2025 announced:

Confirmation from the Minister for Social Protection that pension auto-enrolment (AE) will come into effect on September 30th 2025 has received a qualified welcome from representatives of both workers and smaller businesses.

Heather Humphreys said on Sunday that the Government had agreed the date and that further details would be announced this week as part of the budget.

Story

 

[jpd]

Ha, ha
And it's not even April 1st

 

[TheJackal]

RTE Morning Ireland clip here

Auto-enrolment pension scheme to begin in September 2025

Caitriona MacGuinness, head of defined contribution and private wealth, Mercer Ireland, discusses the auto-enrollment pension scheme.

www.rte.ie

 

[GSheehy]

Or, they could kick it down the road until they see the outcome of this revist to the PEPP

Possible demand-side fixes should aim at encouraging pension participation in general. Leveraging all three pillars of pensions (state, occupational and personal) is necessary to secure citizens’ financial freedom in retirement and changing the status quo calls for bold proposals:

• Introduce auto-enrolment for a personal pension scheme like the PEPP at the EU level.

Gerard

www.prsa.ie

 

[Dr Strangelove]

Seems odd not to start it on a calendar year basis.

 

[Towger]

Seems odd not to start it on a calendar year basis.

There are many odd things about how the government is implementing AE.

 

[rob oyle]

Seems odd not to start it on a calendar year basis.

A psychological deadline to get things moving so that they can announce a further delay during 2025 and it would only be for three months? If they pushed the date back to the start of 2026 now, a lot would happen in the weeks leading up to that deadline.

 

[Duke of Marmalade]

So there you have it My Future Fund will be up and running from next September according to today's budget. No talk of any tax relief changes so we will have the situation where My Future Fund will have half the state subsidy for 40% taxpayers compared to the current system.

 

[Colm Fagan]

There's no way they'll be able to launch the scheme by September. Have they done anything on investment strategies for the three risk-rated funds? Even to select managers? Have DSP and PER (or should I say PENDPDR?) agreed on the management charge: will it be on AUM only or will there also be a contribution-based charge? The last I heard (over two years ago now, I think) was that the charge would be 0.5% a year on AUM, but that won't go anywhere near covering the long-term cost of administering the scheme. NEST charges more than 0.5% (in the early years, through a combination of a contribution-based charge and an AUM charge). It also has economies of scale that "My Future Fund" can never even aspire to, yet NEST had a cumulative deficit (admin costs in excess of charges on member accounts) of more than €1 billion at March 2023 - and still rising, as I recall. That was after more than a decade in business. The omens for the Irish fund are terrifying.
I can't understand how a scheme so big (combined contributions of €4.5 Billion a year - employers, employees and state - in current money terms after the initial 10-year run-in period) has got this far without being subjected to detailed scrutiny by the ESRI or similar. Such a study must be undertaken before the government gets sucked into a mess of children's hospital proportions.