ieExplains: What is pension auto-enrollment and how does it affect me?

The new scheme will be introduced this year and is set to impact more than 750,000 workers

For the first three years, both you and your employer will pay 1.5% of your annual salary, while the Government will contribute 0.5%.

Ireland's retirement landscape is set to change significantly this year with hundreds of thousands of workers without pensions set to be automatically enrolled into a mandatory retirement savings scheme for the first time. 

That means, for any employee over a certain age, a fixed amount of their paycheck will be taken and paid into a new pension plan, with the amount paid a set rate of one's annual salary.