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New Pension autoenrolement scheme vs those already on a PRSA

  • 14-10-2022 8:33pm
    #1
    Naos
    Registered Users, Registered Users 2 Posts: 4,738 ✭✭✭


    What's the story for people who have already been contributing to a pension?

    Does this mean that we are now going to miss out on the Government's 1e for every 3e contributed?



Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,612 Mod ✭✭✭✭Jim2007


    We will have to wait for the details to be published and put into law to know for sure. But it is unlikely as the this will be the primary way the state will address the pension funding crisis. Will there be. a transition or will the PRSA approach be frozen or..... we will have to wait and see.



  • #3
    poppers
    Registered Users, Registered Users 2 Posts: 642 ✭✭✭poppers


    https://www.boards.ie/discussion/2058267546/new-pension-autoenrolement-scheme-vs-those-already-on-a-prsa

    you are taking your contributions from gross pay so depending on your marginal tax rate you are either getting 20or 40% bonus.

    ASAIK the New auto enrollment scheme is taken from net pay so with 1 for 3 they are getting a 25% bonus.



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