Ireland introduces auto-enrolment retirement savings system

On July 9, 2024, the Automatic Enrolment Retirement Savings System Act 2024 was signed into Irish law.

The scheme is more ambitious than its current UK counterpart as, starting in 2025, employees will contribute 1.5 per cent of their gross earnings, to be matched by their employer, and topped 2 per cent up by the State.

These rates will gradually increase every three years, reaching a maximum contribution rate of 6 per cent per employee, 6 per cent per employer, plus 2 per cent from the State, from 2034 onwards.