Cheiron’s Post

The confirmation that the new pension auto-enrolment system will come into force in Ireland from September 2025 is a pivotal moment for both businesses and employees. While this shift will help create a fairer pension system, it also brings significant challenges which leaders must start preparing for today.   At Aon Ireland, we are ready to support employers as they navigate these changes, helping them make better decisions that ensure better financial outcomes for their people. Our Head of Human Capital, Mairead O'Mahony shared her views on what this important milestone means.   #AutoEnrolment #PensionReform #FinancialWellbeing #HumanCapital #AonIreland

The confirmation yesterday that pension auto-enrolment will be introduced in September 2025 marks a long-overdue milestone in the transformation of Ireland’s pension landscape.  The extended timeline will provide businesses with the time and confidence to prepare for the complex changes that lie ahead. Employers with existing pension plans will need to determine whether to extend access to all employees or instead allow employees to join the new auto-enrolment scheme and weigh up the costs. Equally important is ensuring that employees fully understand what auto-enrolment means for them. One in three workers aged between 20 and 69 are currently not signed up to a private pension. A well-targeted educational campaign will be key to raising awareness and driving engagement, ensuring that workers are in a position to make informed decisions about their financial futures. While there is a pressing need to create a fairer and more equitable system, there are still many complexities and technical issues to address. Over the coming 12 months, our team of experts at Aon Ireland will be supporting employers make better decisions amid these changes and deliver better outcomes for their people into the future. #AutoEnrolment #PensionReform #FinancialWellbeing #HumanCapital #AonIreland https://lnkd.in/gvHT2g4g

Changes In EPFO Pension Rules, 23 Lakh Employees Benefit Directly Learn more - https://lnkd.in/g45cgkBj Article by News Waker #BizproutX #LabourLawsIndia #EPFO #Compliance #Pension #Withdrawal

Have you heard about auto-enrolment pension? Government is facing a challenge to get the word out on its new, mandatory pension scheme. If you haven't heard about it, talk to us today for guidance. https://lnkd.in/eRvXJJYr #PensionIreland #ConstructionPension #MilestoneAdvisory

Historic Automatic Enrolment legislation passed both Houses of the Oireachtas just before the Dáil summer recess and is due to come into effect in early 2025. Around 800,000 employees, between the ages of 23 and 60, who earn at least €20,000 a year and who are not already members of a workplace pension, will be automatically enrolled in the new scheme. Read more ⬇ Unio Employee Benefits is holding a webinar on Monday next, July 15th from 10 to 10:30am to update employers on the imminent introduction of the new legislation. Preparing for Auto-Enrolment in Ireland: A Comprehensive Guide for Employers. Register here: https://lnkd.in/eWu_7z_U Learn the key components and what the next steps should be to ensure compliance and maximise benefits for employees.  #employeebenefits #autoenrolment #pensions #employers

We are one step closer to pension auto-enrolment as the Bill to introduce the scheme goes before Cabinet for approval. #autoenrolment #pension #employers #irishbusiness https://lnkd.in/ex5BxTas

Federal pension policy before ERISA took a scattershot approach. The Revenue Act of 1921 established favorable tax rules for retirement plans, and the Revenue Act of 1942 amended the tax rules to bar discrimination. The Internal Revenue Code of 1954 layered on prohibited-transaction rules for pension trusts. (All of these rules continue to apply to qualified plans to this day.) The Labor-Management Relations Act of 1947 regulated the structure and administration of multiemployer plans, and the National Labor Relations Board promoted pension plans by requiring employers to bargain retirement issues with the unions representing their employees. Employers and unions were therefore free to establish pension plans and make pension promises without any assurances that their promises were secure. It was moreover common for pension plans to require employees to satisfy lengthy service requirements. These and many other benefits-related issues are systematically and comprehensively addressed in ERISA. It just took a while. 

New Single Unified Pension Application Form 6-A - 9 Forms merged into Single form integration with e-HRMS, Bhavishya https://lnkd.in/grpcngC3

The “Prottoy Scheme” of the Universal Pension Scheme (UPS) will only be mandatory for employees and staff appointed on or after July 1, 2024, at self-governing, autonomous, state-owned, statutory or similar organisations and their subordinate bodies in line with Section 14 (2) of the Universal Pension Management Act 2023. Teachers and staff of public educational institutions appointed before June 30, 2024, will keep their existing pension facilities, according to a National Pension Authority (NPA) press release issued Tuesday. Under Prottoy, 10 per cent of basic salaries received by all employees or a maximum of Tk 5,000, whichever is less, will be deducted and an equivalent amount will be given by their employers, according to the Ministry of Finance. All funds will be deposited to an account under the National Pension Authority.

Dear Employers, When any employee fails to provide their Pension Retirement Savings Account (RSA) within 6 months, please note that you're obligated to request a #Pension Fund Administrator (PFA) to open a nominal (temporary) RSA for such employees and remit all applicable pension contributions. There are two basic requirements for this purpose in line with the Pension Reforms Act: 📗#Employee Obligation. ▪️All you need is to register with a Pension Funds Administrator (PFA) of your choice and provide the RSA details with your employer within 6 months of #employment. ▪️Where you fail to provide your #RSA, fortunately there's no penalty for you, though your pension is at stake here😄 📗#Employer Obligation ▪️Where employees fail to provide #RSA, continue to deduct and set aside both employee and employer contributions and remit upon receipt of RSA details. ▪️Where employees fail to provide RSA after 6 months of employment, continue to deduct and open a nominal (temporary) #RSA account for such employees and remit ALL applicable contribution from date of contract. The bulk of the responsibility and liability lies on employers, as failure to remit #pension due attracts a penalty of 2%. Please be informed!! 🙏 #pension #tax #Taxation #TaxInsightSeries