Minister for Social Protection Dara Calleary has introduced last minute rules mandating minimum contributions to occupational pensions schemes from January.
Any employer offering a defined contribution occupational pension scheme will need to ensure that contributions to the scheme at least equal 3.5 per cent of a worker’s gross pay or €1,200 a month, whichever is the lower. Of that, the employer must pay at least 1.5 per cent of gross pay.
If not, the business will be required to enrol the worker in the Government’s new mandatory workplace pension scheme, My Future Fund. Contributions to in house occupational schemes will be assessed over three months to see whether they comply with the new rules.
The 3.5 per cent fig
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