October 14, 2021
Budget 2022 was announced on the 12th October, 2021. It is Minister for Finance, Paschal Donohoe’s fifth budget and the second of the coalition government between Fianna Fáil, Fine Gael...
Pensions & Benefit Law for Employees
Lavelle Partners have been advising individuals and employers in relation to pensions and benefits for over 30 years. As such, we understand both the legal aspects of pension and benefits provision within Ireland and can advise you regardless of whether you are in the private or public sector. Because we advise business and organisations on pension and benefits matters, we are best placed to represent and guide employees too. In Ireland, pensions are regulated by the Pensions Authority; a statutory body set up under the Pensions Act, 1990.
Retirement pensions are a vital ingredient in ensuring you have sufficient funds for when you no longer work. There are three main types of pensions available in Ireland:
In Ireland, there is currently no legal requirement for an employer to provide an occupational pension to workers. However, if they do not, they must ensure you have access to a Personal Retirement Savings Account (PRSA). If they do provide an occupational pension, it may be either contributory (whereby you and employee make contributions), or non-contributory (whereby only you make contributions).
PRSAs are administered by a range of authorised providers and provide an effective way to save for retirement by benefiting from tax relief and investment returns. PRSAs are open to anyone regardless of their employment status and can be carried from job to job without restriction. You can hold both an occupational pension and PRSA concurrently.
Payments are typically deducted automatically from your salary by your employer, however, they are not required to contribute to your PRSA.
Lavelle Partners work with Talbot Pierce to provide a seamless service in respect of Human Resource Management. Talbot Pierce are a team of specialist HR professionals who work with us on a range of matters including advice on and delivery of conflict/dispute resolution solutions, best-practice HR strategies, policies and procedures.
For further information on employee pensions and benefits in Ireland, please contact Lavelle Partners in confidence on (01) 644 5800.
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