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Pension Auto-Enrolment

As we head into the new tax year, 2023, there are many changes that are coming in to effect as a result of Budget 2023. It is important that, you as an employer be aware of these changes from a Revenue perspective and an employee rights perspective as a number of them will affect all employers in some way. Please familiarise yourself with the changes and contact us if you require more information. Below is a brief summary of some of the changes.

Pension Auto Enrolment:

New savings and investment scheme with financial payment on retirement in addition to state pension
Aim to provide as many people as possible with access to pension scheme
Aim to be developed in 2023 with view to accepting contributions in 2024
Available to anyone aged 23 and 60 who earn more than €20,000 per year across all employments who are not currently a member of a workplace pension scheme – these will be automatically enrolled in the scheme
Employees earning below the income threshold will be able to opt-in to scheme

Further information on pension auto enrolment can be provided by our wealth management team.

Mandatory reporting requirements (likely to begin in 2024):

Mandatory reporting of non-taxable items will be introduced on a phased basis.

May include: