Auto Enrolment
Prepare For Auto Enrolment with ERM Financial Services
Auto enrolment is a new retirement savings system set to be introduced in January 2025. Get out ahead of it with our pension specialists at ERM Financial services.
Auto Enrolment 2025
Auto enrolment is a new retirement savings system set to be introduced in January 2025.
At ERM Financial Services, we are here to help you navigate this significant change with ease, helping employers with implementation and alternatives and helping employees’ secure their financial future.
With ERM Financial Services, you’re choosing a company with a proven track record of trust and reliability. We have been in business since 1993, always working with the best interest of our customers at heart.
Our expert financial advisors are dedicated to guiding you through the complexities of auto enrolment.
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What is Auto Enrolment?
Auto enrolment is designed to provide a retirement savings plan for employees who do not currently have a workplace pension. Managed by the National Automatic Enrolment Retirement Savings Authority (NAERSA), this government initiative aims to improve retirement savings across Ireland.
Eligibility Criteria:
Aged between 23 and 60
Earn more than €20,000 per year
Not currently paying into a workplace or private pension through payroll
The auto enrolment scheme is expected to begin in January 2025.
How Auto Enrolment Works
Auto Enrolment: Opting In & Contributions
Employee Contributions
Employees will start contributing 1.5% of their gross income, gradually increasing to 6% over ten years.
Employer Contributions
Employers will match employee contributions.
State Contributions
For every €3 contributed by the employee, the State will add €1.
Opting In and Opting Out
Employees can opt-out after six months of being auto-enrolled but will be re-enrolled every two years if they meet the criteria.
Benefits
Benefits of Auto Enrolment
Financial Security in Retirement
Ensure employees are contributing to a steady income stream in their retirement.
Employer and Employee Benefits
Both employers and employees benefit from structured savings and matched contributions.
Tax Advantages
Enjoy significant tax relief on contributions, enhancing savings potential.
Challenges
Challenges & Considerations
For Employers
Employers need to weigh the financial implications of auto enrolment. Balancing additional costs, compliance, and employee support is crucial.
For Employees
Employees need to evaluate their current and future financial needs. Opting for professional financial advice can make a significant difference to financial earnings in retirement.
Importance of Financial Advice
Understanding the complexities of auto enrolment and its alternatives is essential.
Our experienced advisors are here to help!
Services We Offer
At ERM Financial Services, we provide a comprehensive suite of financial services and employee benefits schemes tailored to your needs.
Life and Pensions
Secure your future with tailored pension plans.
Employee Benefit Schemes
Safeguarding your employees’ futures.
Savings & Investments
Grow your wealth with strategic investment options.
Retirement Planning
Plan effectively for a comfortable retirement.
Protection and Cover
Safeguard your financial health with our protection services.
More Information
Frequently Asked Questions
What is auto enrolment?
Auto enrolment is a new retirement savings scheme that will be introduced in January 2025 to provide a retirement plan for employees without a workplace pension.
Who is eligible for auto enrolment?
Employees aged between 23 and 60 who earn more than €20,000 per year and are not currently paying into a workplace or private pension.
Can I opt-out of auto enrolment?
Yes, employees can opt-out after six months but will be re-enrolled every two years if they meet the eligibility criteria.
How much will I have to contribute?
Contributions start at 1.5% of gross income and increase to 6% over ten years. Employers match these contributions, and the State adds €1 for every €3 contributed by the employee.
Is financial advice necessary?
Yes, understanding the complexities of auto enrolment is crucial. Our experienced advisors are here to help you make informed decisions.
Why Choose ERM Financial Services?
Financial Advice Designed Around You!
Experience: Over 25 years in the financial industry.
Expertise: Highly qualified advisors dedicated to your financial success.
Personalised Service: Custom solutions tailored to your unique financial needs.
Trust: A reliable partner with your best interests at heart.
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Book A Consultation Today And Get Out Ahead Of
Auto Enrolment
Ready to get out ahead of auto enrolment? Schedule a free consultation with one of our experienced financial advisors today.
Phone: (01) 845 4361 | Email: sales@ermfinancialservices.ie