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The Start Up Accountant Podcast Special on Auto Enrolment Pensions
In this video, John Richardson hosts a live podcast with auto-enrolment and pensions financial experts, including Cronin Financials’ Head of Payroll, Elaine Mahon and Sparkswealth Head of Financial Planning, Hannah Drennan. In this video, they simplify auto-enrolment pensions.
For a summary of auto-enrolment, see details below:
What is an Auto-Enrolment Pension?
Auto-enrolment pension is a government initiative designed to help employees save for retirement. It automatically enrols them into a pension scheme. Workers will not need to take any action to join the scheme. Instead, they will be automatically included if they meet certain criteria. The aim is to increase pension coverage and ensure that more people have sufficient savings for their retirement.
Who Will Be Automatically Enrolled?
Employees will be automatically enrolled in the new pension scheme if they meet the following criteria:
- They are between the ages of 23 and 60
- They are not currently participating in a pension plan
- They earn €20,000 or more annually
The Auto-Enrolment Start Date
The auto-enrolment pension start date in Ireland is expected to commence on 1st January 2026. This timeline provides employers with a window to prepare for the new system and ensure they meet all necessary requirements. Early preparation is crucial for smooth implementation.