Employer Pension Obligations
Here is some very useful information from the Consumers Association of Ireland regarding Employer Pension Obligations.
Since 2003 employers are obliged, by law, to provide all employees with access to a pension. As mentioned above, where there is no company pension in place or where some employees cannot access that company pension the employer must allow access to a Personal Retirement Savings Account (PRSA) provider.
The obligations involved in providing access to a PRSA provider consist of three simple steps on the part of the employer –
- To assign a PRSA provider- this involves the employer contacting a provider and establishing an individual within the provider as their contact point.
- To issue the PRSA provider and contact details to the employees and to allow them time during working hours to make contact with the provider and get the information they need.
- If the employee decides to start contributing to a PRSA with the designated provider the employer must make the relevant deductions from payroll.