Twenty-five Longford companies briefed on new pension savings scheme

An Auto-Enrolment Retirement Savings Scheme Business Briefing took place in the Longford Arms Hotel, early in December, with twenty-five local companies in attendance.

RBK Chartered Accountants delivered a presentation on the implications of the upcoming Auto-Enrolment Savings Scheme, which is due to be implemented on September 30, 2025. This included information on the benefits of the scheme, how it will be funded, how to manage the scheme through existing payroll administration methods and important considerations for HR departments.

The scheme, also referred to as My Future Fund, is a new pension savings scheme for certain employees who are not paying into a pension.

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Under the scheme the employee, the employer, and the Government all pay a certain amount into the employee's pension fund.

A new public body, the National Automatic Enrolment Retirement Savings Authority, will be set up to administer the Auto-enrolment scheme. The scheme will be supervised by the Pensions Authority. The scheme will be supervised by the Pensions Authority. The rules for auto-enrolment are set out in the Automatic Enrolment Retirement Savings System Act 2024. 

Longford County Council Head of Enterprise Michael Nevin said, "The new auto-enrolment scheme is a significant and positive change in how workers will be provided for in their retirement. As with any large-scale change, there will be challenges to overcome in its implementation. Longford COCO, through the Local Enterprise Office, is committed to taking a proactive approach to ensuring that local companies are fully prepared for this change. Should any further help be needed, the LEO is here to help."

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