Pensions

Pensions

There are two different types of pensions:

• Personal pensions provided by a life assurance or investment provider
• Occupational pensions provided by employers

There is no legal right to an occupational pension scheme for employees.  There is however a requirement for employers to provide access to a Personal Retirement Savings Account (PRSA).

Personal Pensions

Employers are obliged to make a PRSA (Personal Retirement Savings Account) available to all staff. 

There are no statutory employer contributions to a PRSA and the employee decides with the PRSA provider how much they will contribute to their fund.  Employers are obliged to deduct the employee contributions from their salary and send to the PRSA provider on behalf of the employee.

Occupational Pensions

Occupational pensions are also known as company pension schemes and the terms are agreed directly with the provider and the employee.

Auto enrolment for pensions will be introduced over 2023 and 2024 - further details are to be agreed and released at this time.