New horizon for pensions: Finance Act heralds 'a new era' for retirement

Some employers have expressed concern about auto-enrolment and the challenges that are posed in terms of administration and communication with their staff

Thanks to auto-enrolment (AE), people will start thinking about and engaging with their pensions earlier. They will look at saving options like PRSAs, whose advantages include their flexibility in investment terms and the fact that they allow for deduction of tax at the higher marginal rate.

The 2024 Finance Act has paved the way for what is being described as a new era for pensions in Ireland.

During 2025, the introduction of the ambitious auto-enrolment project was once again postponed, but a final go-ahead looks set for the start of next January.