Irish Life Corporate Business’ Post

Lowering the minimum auto-enrolment age to 18 means an additional boost of over £120,000 to pension pots 👏 Our Head of Policy Development, Rachel Vahey, provides comments on the new rules for automatic enrolment: “Back in 2017, the government promised to make these fundamental changes to lower the age limit and count the first pound of earnings. Now is the time to make good on this promise by extending automatic enrolment to help people save more from an earlier age.” Read more in IFA Magazine 👇 https://lnkd.in/ej-DkvaJ

Looks like Auto Enrolment is finally rolling around! 🇮🇪 With Auto Enrolment coming in faster than most people think, its good to know what is what, but to also understand the options. Here at Kota we can show you all you need to know about whether to set up an Occupational Pension Scheme or use the Government's Auto Enrolment.If you would like to chat, let me know. https://lnkd.in/emZjYTKR  #AutoEnrolment #IrelandPension #EmployeeBenefits

https://lnkd.in/gvWYfveU Good point by Brianna Perkins in Irish Times article about how the rigidity of the impending Auto Enrolment scheme doesn't help the gender gap with the likes of #women on #maternity leave being unable to play "catch up" with lump sum contributions when returning to employment. This scenario can be avoided by employers who implement a company pension scheme prior to the Auto enrolment pension scheme being forced upon them and their employees later this year. The company pension scheme will also provide better tax benefit for those on the higher PAYE tax rate.

🚨 New paper alert! 🔥 Our new dynamic model found that the state pension could go bust as early as 2035! 📝 In our new paper, 𝑈𝑝 𝑖𝑛 𝐹𝑙𝑎𝑚𝑒𝑠 , @Maxwell_Marlow outlines how we calculated this and why the government needs to have an urgent and honest conversation with the public about the nature and funding of the State Pension. 💷 In 2021 the State Pension had a total obligation to the British people of £8.9 trillion- almost three times the UK's total GDP. As a single item, it makes up the greatest proportion of welfare spending. 📈 This is in great part due to the ratchet effect of the triple lock mechanism. 🏦 The State Pension is paid from current tax revenues, rather than from money set aside in a dedicated pot built up during a person’s working life. In fact, the average person born in 1956 will receive £291,000 more than they put in. 🧑🦳This is an economic burden on working age people which will be exacerbated by Britain’s demographic trends. ❗ We define 'fiscal unsustainability' as the point at which the state will be spending more on welfare pay-outs, the greatest proportion of which is the State Pension, than it will be receiving in NI tax receipts. This could happen as early as 2035! Read more below 👇

If you employ staff, you’ll need to ensure you comply with the auto-enrolment regulations. Automatic enrolment places duties on employers to automatically enrol 'workers' into a work-based pension scheme. The main duties are: 👉 Assessing the types of workers in the business 👉 Providing a qualifying automatic enrolment pension scheme for the relevant workers 👉 Writing to most of their workers explaining what automatic enrolment into a workplace pension means for them 👉 Automatically enrolling all 'eligible jobholders' into the scheme and paying employer contributions 👉 Completing the declaration of compliance and keeping records. Do you know what that entails? It's not as simple as filling out a form online; luckily, we've gathered some info to help guide you. If you need more support, Sansons Chartered Accountants can help and advise on your #pension auto-enrolment responsibilities. Click on the below link for more information. https://lnkd.in/eeMawURk #londonbusiness #charteredaccountant

In a recent legal case, the court analyzed the issue of whether a Central Government employee could be considered 'absorbed' by the State Government for pension benefits. The court's analysis focused on the interpretation of relevant pension rules and the concept of qualifying service. Read more for the court's decision. #LegalCaseAnalysis #GovernmentEmployee #PensionRules

Pay Protection For Re-Employed Pensioners In Central Government Services The article is intended to provide a brief overview about so called pay protection for pensioners re-employed in Central Government Services. https://lnkd.in/g8UmrEER

Informative piece in the Law Society of Ireland gazette, and timely, with the change in State Pension age effective on 1 January 2024. From that date, #retirement can be deferred and a higher pension will be payable. Very often, #pensions can be seen primarily through a "cost" lens, however the value of a thought out and appropriate retirement programme may be about to come to the fore. https://bit.ly/3sYw7I1

The New Brunswick government has introduced legislation to transfer five of its defined-benefit public sector pension plans to shared-risk plans, saying the move will ensure the sustainability of plans that have become unaffordable. Unions are unhappy about it. #NewBrunswickPSP #NBPSP #publicsectorpensionplans #sharedriskpensionplan #CUPELocal2745 #CUPELocal1253 #pensiondeal #unioncollectiveagreement #collectiveagreement #pensionplan