With a well established traditional DB pension system and the growth of DC, Ireland’s problem has been twofold: expanding occupational pension coverage and consolidating funds in the DC sector. Consolidation has been relatively easy and has been pursued by regulatory pressure. Some 12 DC master trusts now manage over €20bn, equivalent to almost half of occupational pension assets and the industry expects further mergers. The main policy to increase pension coverage is auto-enrolment but despite a clear policy direction the timetable continues to slip.
Ireland’s bid to reduce the number of single-member DC pension funds is succeeding but is not without teething troubles
Pension fund/entity | Assets (€’000)
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The plan to become a cross-border scheme runs in parallel with a review of the scheme’s investment policies for its new sub-funds ‘Equilibrio’ and ‘Crescita’
It will enable trustees to better understand the investment costs they pay and to benchmark these costs against their peers
Tata Consultancy Services is selected as ‘preferred bidder’ for administrator
The growth followed the implementation of IORP II
Irish government is targeting 1 January 2025 as a deadline for introduction of auto-enrolment
Company | Assets (€m)
As at 30.9.23, *30.6.23, **31.12.23
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Irish citizens are set to get a retirement boost following the government’s decision to implement its auto-enrolment retirement savings scheme in 2024. That is, if all goes to plan. Under the proposed scheme, which has been a topic of debate in Irish politics for at least 15 years, employees will have access to a workplace pension savings scheme that is co-funded by their employer and the state.
With a general election looming, there are concerns that workplace pensions will not be a priority
The plan to become a cross-border scheme runs in parallel with a review of the scheme’s investment policies for its new sub-funds ‘Equilibrio’ and ‘Crescita’
It will enable trustees to better understand the investment costs they pay and to benchmark these costs against their peers
Tata Consultancy Services is selected as ‘preferred bidder’ for administrator
The growth followed the implementation of IORP II
Irish government is targeting 1 January 2025 as a deadline for introduction of auto-enrolment
The bill will be brought before the Oireachtas immediately after the Easter Recess
Ireland’s bid to reduce the number of single-member DC pension funds is succeeding but is not without teething troubles
The average funding level of defined benefit (DB) pension schemes in Ireland has increased to 108% in 2022.
Sponsors can do more to secure DB member benefits