Delays to new pension system costing private sector workers thousands

The timeline for the auto-enrolment scheme has been repeatedly pushed back

Heather Humphreys. the Minister for Social Protection, is leading the government’s plans for auto-enrolment. Picture:

Repeated delays to introducing Ireland’s auto-enrolment pension scheme have cost workers thousands in future income.

Financial adviser Karl Deeter said the two year delay in rolling out the system means someone earning €45,000 a year has missed out on approximately €8,000 in contributions, with that number set to rise significantly if there are any more delays.

Currently, private companies are not legally required to pay into workers funds, and just 6 in 10 workers have ...