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Do you have your own business? Do you employ staff? Are you an employee? Do you want to save for your retirement?

There are certain obligations on the employer to provide their employees with the facility to save for retirement.

Did you know that as an employer you must enter into a contract with a PRSA (Personal Retirement Savings Account) provider so that access to at least one Standard PRSA will be available for all excluded employees? An employee is considered ‘excluded’ if

• the employer does not offer an occupational pension scheme, or
• staff are included in a scheme for death-in-service benefits only, or
• staff are not eligible to join the scheme or will not become eligible to join the scheme within six months from the date they began work there, or
• staff are included in a scheme that does not permit the payment of Additional Voluntary Contributions


While there is no legal obligation on an employer to set up or contribute to a pension scheme on behalf of its employees, they must notify staff of their right to contribute to a PRSA (via payroll deduction if required) and allow them reasonable time and access to an intermediary, such as Metis Ireland, who can provide advice in relation to PRSA’s and retirement planning.


Metis Ireland provide business owners (both self-employed and company directors) with the documentation required to set up a PRSA, and a draft communication that can be provided to employees so that obligations under the Pensions Act are fulfilled. We believe that this is an area that the Pensions Authority will take a more active interest in over the coming months.


Yvonne O’Brien CFP®
Certified Financial Planner


Metis Ireland Ltd t/a Metis Ireland is regulated by the Central Bank of Ireland. All content provided in these blog posts is intended for information purposes only and should not be interpreted as financial advice. You should always engage the services of a fully qualified independent financial adviser before entering any financial contract. Metis Ireland Ltd t/a Metis Ireland will not be held responsible for any actions taken as a result of reading these blog posts.