Government Roadmap for Pension Reform 2018-2023

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Mullingar Chamber attended a seminar this morning by Prisma Financial Ltd. on the impact of the Government Roadmap for Pension  Reform 2018-2023. Interested attendees from broker firms and local businesses were there to understand the implications of the Government Pension roadmap on employers and employees and the solutions in place to aid employers when preparing for the future.

Niall Fitzgerald, Pension Technical Services with Zurich Life Assurance brought us through the detail behind the Pension reform including the changes we can expect to Retirement Age and the implementation of Auto Enrolment in 2022. Niall’s advice is to “keep updated and be prepared” and in terms of retirement to “ensure you have a written retirement policy with consistency and coherence throughout the workforce”.

Michael Lynam, Director of Prisma Financial Ltd. said “there is a huge amount of change coming down the track and everyone is going to be effected”. He spoke about staff engagement and how staff are looking for more than just salary increases like good will and loyalty. Michael outlined a number of Employer options that can assist in this area. Michael also shared top tips for employers when it comes to Pension reform: 

  1. Review existing scheme contracts and have a reasonable knowledge of the important provisions within the Trust Deed and Rules
  2. Employment Contracts – See Advice on Pensions Clause
  3. Register for updates from the Pensions Authority website
  4. Never ignore communications form a pensions regulator
  5. Keep updated on what is happening and be prepared for proposed changes 

For further information contact Mullingar Chamber or Prisma Financial Limited on 05793 32723.

 

 

 

 

 

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