A Clare insurance company is warning many employers are dangerously underprepared for the auto-enrolment pension scheme due to come into effect next year.
It follows a new study which shows the average Irish woman’s pension pot is worth 40% less than a man’s.
From January 1st, every single Irish worker over the age of 23 who is not currently part of a pension plan will be included in the state’s auto-enrolment scheme.
Employers and employees will match contributions, while the government will give a third of the amount.
However one Clare insurance company believes many organisations remain dangerously underprepared for what’s to come, risking compliance issues, payroll errors and confusion.
Head of Financial Services at Ennis-based Campion Insurance, Ivan Dunne says particularly with tax reliefs available for company schemes, it’s vital employers assess if the scheme is the best option for them.
New research from the Irish Owned Network of Financial Advisers Ask Acorn, meanwhile, has shown that the average pension pot for women is now €60,500, over 40% less than the average men’s pot of €102,000.
Former Clare Social Democrats General Election Candidate Hilary Tonge says women have far more obstacles to navigate, which will lead to poverty if not addressed.
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