The Government has announced that the long-awaited Auto-Enrolment Retirement Savings scheme is set to be rolled-out from 2024. It is targeted at approximately 750,000 workers across the country. The aim is to ensure these people have made provision for their retirement if they do not have an occupational or other pension scheme in place.

We have a lot of details on the proposed way the scheme will work but like anything there will be post-implementation issues to iron out. Anne O’Doherty, Head of Life & Pensions gives us an overview of the scheme and what we believe it means for your retirement planning.

Anne O'Doherty, Head of Life and Pensions, Quintas Wealth Management
Anne O’Doherty

What is Auto-Enrolment?

Quite simply it is a new system to try to encourage people to make adequate provision for their income at retirement. It will work by having employers automatically enrol their employees into a workplace pension scheme.

Who is it aimed at?

It is aimed at those people who currently are not in a company pension scheme. The Government has estimated this number to be around 750k between the ages of 23 and 60 (earning more than €20,000).

How does it work?

The scheme is being set up so that contributions paid by employees will be matched by their employers. This will be as a percentage of the employee’s gross income. The State will then also add a top-up to the money in the pension pot. The contribution rates are going to be phased in over a 10-year period. They will start at 1.5% for both employee and employer in 2024.

Can I opt out?

The scheme is opt-out rather than opt-in. This means that people who do not have another arrangement in place will not have to do anything to start paying into their pension fund.

But employees who do not want to pay into the scheme can opt-out but only after an initial 6-month period. The opt-out is also not indefinite and they will be automatically opted-in again after 2 years.

Will there still be a state pension?

Yes, it has been confirmed that there will still be a state pension scheme in place. But as we know this does not function as a direct replacement for a salary. There is a short-fall – the “pension gap” which may well continue to increase due to increasing life expectancy and demographics. The idea is to bridge this gap, by auto-enrolling those that do not have an additional pension plan (company/personal/PRSA) in place into the scheme.

Our view

While we have all been eagerly awaiting a Pension Auto-enrolment scheme for many years, we do greet this with some reservations. These include the impact on small and medium businesses in terms of cost as well as administration. For employees, contribution levels will take years to get to meaningful levels. The personal tax rate on contributions is mooted to be lower than currently.

It may well be at least another decade before we can comment on whether the scheme is meeting the mark in terms of its objectives. For now, we would caution anyone who is thinking of their retirement planning not to delay. The earlier you start planning for the years ahead the better.

If you need any guidance on planning for your retirement, just get in touch.

7 April 2022

Our other news

  • Retirement Planning: The benefits of starting early

    24 November 2022

  • EIIS Fund Launch

    25 October 2022

  • 5 Top Questions About – Pensions

    21 September 2022

  • 5 Top Questions About – Market Volatility

    19 July 2022

  • Why you need to have a financial plan

    31 May 2022

  • Financial Market Commentaries

    2 March 2022

  • Which is better Serious Illness cover or Income Protection?

    1 February 2022

  • How to make the most of your pension with maximum funding

    25 November 2021

  • Women and Pensions: What you should know

    19 October 2021

  • The 1,2,3 of ESG – What you need to know

    22 September 2021

What our clients say about Quintas

  • 1

    "I would like to express my thanks for the work you have done for me over the past years. The expertise and attention to detail with which you have handled my financial affairs could not be faulted. Particularly reassuring to me is the feeling of c..." Read more

    - John Riordan | Director of Support | Shopify

  • 2

    "I have been dealing with Anne O’Doherty in Quintas Wealth Management for over 10 years, i would strongly recommend their services based on professionalism , friendly manner and a strong track record on investment performance."

    - Helen Down | Ballincollig

  • 3

    "Having dealt with Quintas Wealth Management over 6 years for protection, Investments and Pensions I would have no problem in recommending them based on their professional and efficient service."

    - Derek Goggin | Chief Financial Officer | Teamwork

  • 4

    "I have dealt with Anne O’Doherty in Quintas Wealth Management for the last 6 years and I would strongly recommend them based on their professional, efficient and friendly service and most importantly their track record with our investment portfolio." Read more

    - Brian Robinson | CTO | Dataworks Limited

  • 5

    "I and clients of mine have availed of the excellent services of Quintas Wealth Management, led by Anne O’Doherty. I have no hesitation in recommending Quintas Wealth Management."

    - John Boylan | Partner BDM Boylan Solicitors

  • 6

    "I have been dealing with Anne and her team in Quintas Wealth Management for the last 10 years . I would recommend Quintas Wealth Management because of their transparency on a range of investment ideas within my pension fund .i would have no hesita..." Read more

    - Dr Rose Curtin | Elmwood Medical Centre

  • 7

    "I have been a client of Quintas Wealth Management since its establishment in 2005 and over the last 16 years the team have provided me with invaluable advice in a very efficient and professional manner."

    - Dr Sean Mc Carthy | Dentist

  • 8

    "I have been a client of Quintas Wealth Management since 2013 and have always found their process and approach to clients very professional As an accountant I feel this is of utmost importance when referring my clients to Quintas Wealth Management. "

    - Aidan Mc Avinue | Accountant

  • 9

    "Protecting our family was at the forefront of our mind when we engaged with Quintas Wealth Management. What we came away with is a far more robust financial plan based on a complete analysis of our financial situation. We cannot thank the team eno..." Read more

    - Gino & Nicola Lee | Director | Parbo Limited

  • 10

    "I originally engaged Anne and her team to assist with setting up my pension and retirement planning. However, I received far more than that and now have a much broader, well-thought out and organised financial plan that really gives me peace of mind."

    - Monica Holland | Director | Cloghroe Pharmacy

  • 11

    "We have had the pleasure of dealing with Quintas Wealth Management over the past year. Without doubt we feel we have benefitted from the most astute financial advice combined with exceptional customer service."

    - Pat Mullins | Partner | BDM Boylan Solicitors LLP

  • 12

    "Anne O’Doherty has been our financial advisor for the past 6 years . she listens to our requirements and our long-term goals and has provided us with a comprehensive plan of action. Anne has always offered sound financial advice based on our inv..." Read more

    - Peter Murphy | Director & General Manager | Apple Operations Limited

1

John Riordan | Director of Support | Shopify

I would like to express my thanks for the work you have done for me over the past years. The expertise and attention to detail with which you have handled my financial affairs could not be faulted. Particularly reassuring to me is the feeling of certainty in the absolute integrity of your dealings with us.

2

Helen Down | Ballincollig

I have been dealing with Anne O’Doherty in Quintas Wealth Management for over 10 years, i would strongly recommend their services based on professionalism , friendly manner and a strong track record on investment performance.

3

Derek Goggin | Chief Financial Officer | Teamwork

Having dealt with Quintas Wealth Management over 6 years for protection, Investments and Pensions I would have no problem in recommending them based on their professional and efficient service.

4

Brian Robinson | CTO | Dataworks Limited

I have dealt with Anne O’Doherty in Quintas Wealth Management for the last 6 years and I would strongly recommend them based on their professional, efficient and friendly service and most importantly their track record with our investment portfolio.

5

John Boylan | Partner BDM Boylan Solicitors

I and clients of mine have availed of the excellent services of Quintas Wealth Management, led by Anne O’Doherty.

I have no hesitation in recommending Quintas Wealth Management.

6

Dr Rose Curtin | Elmwood Medical Centre

I have been dealing with Anne and her team in Quintas Wealth Management for the last 10 years . I would recommend Quintas Wealth Management because of their transparency on a range of investment ideas within my pension fund .i would have no hesitation in recommending their services.

7

Dr Sean Mc Carthy | Dentist

I have been a client of Quintas Wealth Management since its establishment in 2005 and over the last 16 years the team have provided me with invaluable advice in a very efficient and professional manner.

8

Aidan Mc Avinue | Accountant

I have been a client of Quintas Wealth Management since 2013 and have always found their process and approach to clients very professional
As an accountant I feel this is of utmost importance when referring my clients to Quintas Wealth Management.

9

Gino & Nicola Lee | Director | Parbo Limited

Protecting our family was at the forefront of our mind when we engaged with Quintas Wealth Management. What we came away with is a far more robust financial plan based on a complete analysis of our financial situation. We cannot thank the team enough for making this so easily to understand and complete.

10

Monica Holland | Director | Cloghroe Pharmacy

I originally engaged Anne and her team to assist with setting up my pension and retirement planning. However, I received far more than that and now have a much broader, well-thought out and organised financial plan that really gives me peace of mind.

11

Pat Mullins | Partner | BDM Boylan Solicitors LLP

We have had the pleasure of dealing with Quintas Wealth Management over the past year. Without doubt we feel we have benefitted from the most astute financial advice combined with exceptional customer service.

12

Peter Murphy | Director & General Manager | Apple Operations Limited

Anne O’Doherty has been our financial advisor for the past 6 years . she listens to our requirements and our long-term goals and has provided us with a comprehensive plan of action. Anne has always offered sound financial advice based on our investment objectives as well as our personal needs.

About us

Quintas Wealth Management is a Cork-based Financial Services Provider.

Our objective is to enhance your financial health through our independent advice, expertise, and experience. We are dedicated to providing quality and excellence in everything we do. Our aim is to give our customers the best value and solutions for all their wealth management needs.

Take the Next Step

Want to set up a meeting or request a quote? Didn't find what you were looking for?
We're here to help.