In recent weeks we have seen a number of additional milestones passed in the Government's proposed introduction of auto enrolment (AE). We have set out below a summary of the main updates.
Commencement Order Signed
- On 30 September 2024, the Minister for Social Protection, Heather Humphreys, signed a Commencement Order in respect of the Automatic Enrolment Retirement Savings System Act 2024 (the "AE Act"), namely the Automatic Enrolment Retirement Savings System Act 2024 (Commencement) Order 2024 available here.
- The important dates to note as stated in the Commencement Order
are as follows:
- The Parts of the AE Act which require employees to be automatically enrolled into the AE system will commence on 30 September 2025;
- The Parts of the AE Act which relate to the establishment of An Túdarás Náisiúnta Um Uathrollú Coigiltis Scoir (the Authority which will be responsible for the AE system) will commence on 31 March 2025.
- Employers who have not already done so, should now seek to implement a clear action plan to get their business auto enrolment ready ahead of the commencement date of 30 September 2025.
The Name of the AE System
- As part of Budget 2025, the Government referred to the auto enrolment scheme as "My Future Fund", which it is understood will be the name of the system once formally launched.
Updated FAQ
- The Department of Social Protection updated its Auto-Enrolment FAQ page on 2 October 2024.
- There have been no revisions to the overall design of the AE system reflected in the updated FAQ, however additional information is provided on certain practical aspects about how the system will operate. For example, information is now included on how employees, who are auto enrolled, will be able to access an employee portal to see their contributions and savings.
- The updated FAQ can be accessed here.
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.
