Easily manage employment in Ireland

Eligibility:

The pension scheme is voluntary for employers. However, once an employer opts in, it becomes mandatory for all eligible employees in that country. We’re excited to announce that starting January 1st 2025, we’ll be offering two new alternatives that will enable the employer to contribute above the employee’s contribution.

Employer Contribution Options:

Employers can choose from the following contribution levels:

• Match 1%: You match the employee's contribution into the plan, up to 1% of the employee's pay.
• Match 3%: You match the employee's contribution into the plan, up to 3% of the employee's pay.
• Match 5%: You match the employee's contribution into the plan, up to 5% of the employee's pay. (recommended as market practice)
• Top-up 3% (new): You match the employee's contribution up to 5% and add an extra 3%. For example, if an employee contributes the maximum of 5%, the total employer contribution would be 8% (5% matched + 3% additional), totaling a 13% combined contribution.
• Top-Up 5% (new): You match the employee's contribution up to 5% and add an extra 5%. So, if an employee contributes the maximum of 5%, the total employer contribution would be 10% (5% matched + 5% additional), totaling a 15% combined contribution.

Employee Contributions:

Employees can contribute an amount up to the employer’s matching or maximum contribution level. If employees wish to contribute more than the matching limit, they can do so via Additional Voluntary Contributions (AVCs).

Pension Management:

Employees can manage their contributions and track fund performance through an online platform, providing real-time insights into their retirement savings.

Tax Benefits:

Both employer and employee contributions are eligible for tax relief, subject to specific limits based on the employee’s age and pay.