Major changes to pensions announced
Government announce major changes to pensions in Ireland in the ‘Roadmap for Pensions Reform 2018-2023’
From 2022 employees without private pensions will be enrolled automatically in a retirement savings scheme, under new pension reforms announced by the
Government.
The introduction of "auto enrolment" is one of a number of pension reforms which were announced by the Government yesterday.
A Total Contributions Approach (TCA) for the State Pension (Contributory) will be introduced from 2020, including a new ‘Home Caring Credit’.
The value of State pension payments will be maintained at 34% of average earnings. Future increases will be explicitly linked to changes in prices and/or wages.
A new ‘Automatic Enrolment’ retirement savings system will be introduced from 2022 to support and encourage personal savings provision.
Improvements in pension scheme governance standards and regulatory capacity.
Enhanced supports for “Defined Benefit” pension schemes to provide improved levels of protection for scheme members and beneficiaries.
Reforms to public service pensions to ensure the sustainability whilst safeguarding the delivery of promised retirement benefits.
Greater individual flexibility in retirement decisions and support for fuller working lives in both public and private sector employment.
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