Hi all,
For those of you who have offices in Ireland I'm keen to understand what your pension offering is.
In light of auto enrolment being introduced, we've reviewed our pension offering and are in the process of changing provider. Where we're struggling is our actual pension design (% ER contribution). We currently have a non-contributory scheme which is based on job grade starting at 6% ER contribution increasing to up to 15% for directors.
We are looking at ways of streamlining this and I wanted to see how many of you still differentiate based on job grade. It's not a practice we follow elsewhere and while we do not want to take away any existing benefits we'd like to put in a place a new structure with the new pension and also introduce auto-enrolment before it becomes mandatory.
Open to feedback and ideas here. Thanks.
We have one contribution structure for all employees. As long as an employee contributes a minimum of 4.5% then the company will contribute 6.5%. We don't currently auto-enrol.
We offer a fixed contribution of 5% EE/11% ER. We moved to a Master Trust arrangement early last year and we practice contractual enrolment anyway.
We have a contributory pension, structured as below, we have a very small operation with white-collar professional roles and most employees opt for the maximum employer contribution; and the majority also make AVC's in addition, to benefit from the tax savings
3% employeee/7% employer
4% employee/8% employer
5% employee/9% employer
6% employee/10% employer
We also have a non-contributory scheme in Ireland but it is a fixed % employer contribution for all employees. We already auto-enrol and employees can also contribute if they want.