Oireachtas Joint and Select Committees

Wednesday, 16 July 2025

Joint Committee on Social Protection, Rural and Community Development

Engagement on Matters Relating to the Auto-Enrolment Retirement Savings Scheme: Department of Social Protection

2:00 am

Mr. Tim Duggan:

Six years is the maximum, Chair. The reason it is six years is that it is 1.5% for the first three years and it is 3% for the next three. At the end of the six years, in year seven, the contribution rate increases to 4.5%, which is very close to what is typically the rate in occupational schemes. At that juncture, it would be important to start having a standard that would be applicable across all schemes as a consequence.

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