Yesterday’s Chartered Accountants Ireland roundtable on pensions auto-enrolment marked the launch of the “Trusted Business Leadership: The Chartered Roundtables” series. With a panel of industry experts and strong member attendance, the event delivered lively discussion and practical insights on Ireland’s most significant pension reform in over a century. Members engaged deeply, raising questions on cost burdens for SMEs, tax anomalies between MyFutureFund and occupational schemes, and the readiness of payroll systems for the January rollout. The panel addressed operational challenges, compliance, and communication, highlighting the need for clarity and support as the sector prepares for change. The event reinforced the Institute’s commitment to advocating for members and ensuring their voices shape policy. As auto-enrolment approaches, Chartered Accountants Ireland will continue to advocate for and support members through change, championing trusted business leadership.
Chartered Accountants Ireland’s inaugural “Trusted Business Leadership: The Chartered Roundtables” event brought members together to discuss the imminent rollout of pensions auto-enrolment (AE)—the most significant reform since the State Pension’s introduction in 1908. Executive Head of Public Policy, Jill Farrelly, opened the session, emphasising the Institute’s commitment to advocating for members during this period of change.
The expert panel—Tony Culhane (Sage), Shane O'Farrell (Irish Life Employer Solutions), and Crona Clohisey (Chartered Accountants Ireland) - explored the expected benefits of AE, including increased retirement savings and streamlined administration. Members’ questions reflected real-world concerns: the cost and administrative burden for SMEs, readiness of payroll systems, and the adequacy of contribution rates. The panel acknowledged that while NAERSA aims to minimise employer workload, many businesses still feel under-informed and are seeking practical guidance ahead of the January launch.
Tax anomalies between MyFutureFund and occupational schemes, eligibility rules (such as the 13-week look-back and €20K income threshold), and the operational readiness of systems were debated. Practical challenges for employees transitioning into occupational pension schemes were highlighted, with concerns about the availability of resources and support to facilitate this change.
The panel stressed the importance of clear communication and robust support for both employers and employees, especially SMEs and seasonal workers. International comparisons with schemes in the UK, New Zealand, and Australia provided valuable lessons on opt-outs, compliance, and enforcement.
Several important points emerged during the discussion:
- If a senior executive (or any employee) has a private pension but is no longer actively contributing because they have reached the Revenue maximum fund limit they will still be auto-enrolled in MyFutureFund if they meet the age and income criteria and are not making payroll contributions to a qualifying scheme at the time of assessment. The auto-enrolment system checks for current contributions, not just the existence of a pension fund or past participation.
- Correction rules for auto-enrolment differ from standard payroll amendments with Revenue. Employers must ensure that pension contributions are made on each pay date, and any missed or incorrect contributions must be corrected promptly- typically by the next pay date.
- AE is expected to drive a major shift of employees into private pension schemes, with employers needing to review existing arrangements and communicate options clearly.
- The cost burden for SMEs remains a significant concern, as labour costs are already high and AE will increase this further.
- The investment return of MyFutureFund will likely be closely watched in the initial 6-month period, but participants were reminded that by its nature, it is a long-term investment vehicle.
- International comparisons showed that while the Irish system is less burdensome for employers than some overseas schemes, it is also less flexible than international peers.
The discussion highlighted the Institute’s ongoing advocacy, with members’ feedback feeding directly into policy engagement.
The Chartered Roundtables will continue, with the next event focusing on infrastructure and the National Development Plan.
You can view photos from the event here.
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