The Department of Social Protection has contacted the IAPF regarding concerns that some employers are enrolling staff into “schemes that offer marginal, if any, benefit.” The Department has indicated that regulations introducing minimum contribution rates may be implemented “in the near future".
IAPF members have done outstanding work in guiding employees through their option of whether to join their company pension scheme or participate in MyFutureFund. To protect employers and trustees who provide strong pension arrangements, we have requested an urgent meeting with the Department. Our goal is to ensure that any new regulations are fair, practical, and do not penalise those delivering high quality pension plans.
Read the letter here.