Minister Dara Calleary is advising workers that some employers are subverting the incoming workplace pension scheme – My Future Fund scheme- and are compelling staff to sign up to in-house arrangements simply to reduce their administrative workload.
However, it is an offence to hinder or attempt to hinder an employee from participating in the My Future Fund scheme.
Under auto-enrolment, which gets underway from the 1st of January, employers will be obliged initially to contribute 1.5 per cent of a worker’s gross salary to the My Future Fund, a figure matched by the employee, with the State adding €1 for every €3 contributed by the worker.
That figure will rise every three years until workers and their employers are putting 6 per cent of gross salary each into the scheme by 2035.
All workers earning more than €20,000 from one or more jobs who are aged between 23 and 60 and who are not yet members of an occupational scheme will be enrolled in the new arrangement from January.
This lunchtime Midwest News Editor Teresa O’Malley asked Minister Calleary why the government is warning about being forced into new in-house pension arrangements, until workers have compared any such scheme carefully against My Future Fund Scheme…
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