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Below you will find all the latest news and updates from IAPF.  

E-Update 22 August 2018

22/08/2018 Posted by IAPF | Comments(0)

Strawman for Auto-Enrolment

Today the Government launched “A Strawman Public Consultation for an Automatic Enrolment Retirement Savings System for Ireland”, see here.

The Strawman sets out how the operational structure and design for auto-enrolment might work. It is described as a high-level draft, intended to generate debate and prompt discussions. Depending on feedback and further analysis the final design may closely resemble the Strawman or may deviate significantly from it. The key features as outlined in the Strawman are:

  • All employees between 23 and 60, earning over €20,000 and not currently in an occupational pension scheme will be auto-enrolled. This is estimated to be 410,000 people
  • There will be an opt-out window after month 7 and during month 8
  • Others can opt-in, such as those under 23 or over 60 and self-employed
  • The system will start at the end of 2022 with a 2 year phased in roll-out
  • Contributions start at 1% from employers and 1% from employees
  • The State will contribute on a basis of €1 for every €3 contributed by employees
  • Employer and Employee contributions will increase by 1% per annum to 6% and 6% at the end of year 6


A new agency, the Central Processing Authority (CPA) will authorise providers. That may be any providers who meet specified requirements, but the outlined Government preference is for up to 4 providers chosen through a tendering process.

  • Employers will not have a role in choosing providers, that will be down to employees
  • Where employees do not make a choice the CPA will allocate on a carousel basis among the approved providers
  • The CPA will collect contributions from employers and allocate to the providers
  • There will also be a “pot follows member” approach and the CPA will administer the system using PPS numbers
  • The maximum administration and investment charge providers can levy will be 0.5%. It is unclear how the CPA’s costs are covered, other than they keep any employer and State contributions where there are opt-outs
  • Providers must have a low risk default fund with lifestyling


We will be examining the Strawman in detail and providing a response to the consultation process by the deadline date of 04 November. As always, we would welcome any observations from you, our members.


The Department's release is here and the document can be accessed here


IAPF DC Survey

We are currently conducting a survey of DC schemes which will provide valuable data to feed into the consultation response. If you haven’t already completed the survey on behalf of your DC scheme please do so. All the information required should be readily to hand and on average respondents are taking 7 minutes to complete the survey. The link is here. (


There are a number of other consultations currently under way to which we will respond and we would welcome your views.


TCA Consultation

The Department of Employment Affairs and Social Protection have opened a consultation on the Total Contributions Approach to the State Pension, see here. While it is not directly relevant to pension schemes, the IAPF will respond as it is relevant to the wider issue of pensions policy and provision in Ireland. As the Department requires a response by 03 September, you are welcome to forward your thoughts to us by 29 August via email to


Pensions Reform Consultation

The IDPRTG (Interdepartmental Pensions Reform and Taxation Group) Pensions Reform Consultation Paper has been published (see here). While you may want to make your own submission, we are currently drafting our response. What would you like us to say on your behalf? All opinions are welcome as they will help us respond on your behalf by the deadline of 19 October. The paper covers the reduction of pension savings vehicles, harmonisation of rules, tax incentives and reliefs and Approved Retirement Funds. Please email us with your views and comments via email to


DC Regulation Consultation

The Pensions Authority have issued a consultation paper on the regulation of Defined Contribution (DC) Master Trusts.  You can read the full paper here.

We will respond on behalf of you, our members, by their deadline of 05 October.  Please email with your views and comments. 


In case you missed it...

The Summer edition of Irish Pensions magazine is out now and available to read online here.  


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