The Automatic Enrolment Retirement Savings Systems Act 2024 was published in July 2024 along with an FAQ document for employees and employers. The Act provides for the establishment of a new retirement saving scheme for qualifying employees who are not already members of an occupational pension scheme.
The Act itself does not provide for a commencement date but it was expected to be introduced from 1 January 2025. However the Government announced on 1 October that this will be introduced on 30 September 2025.
This legislation provides for the introduction of an independent public body, the National Automatic Enrolment Retirement Savings Authority (NAERSA), to administer the scheme. It also sets out the qualifying conditions for the enrolment and re-enrolment of employees, levels of contributions and penalties for non-compliance.