Whereas there is no legal obligation for an employer to set up or contribute to a company pension scheme, all employers MUST provide all their employees with access to at least one Standard PRSA, as of from 15th September 2003. (Source www.pensionsauthority.ie)
- To notify employees not included in a company arrangement that they have the right to contribute to a Standard PRSA.
- To allow the PRSA provider or Broker Intermediary reasonable access to employees at their workplace.
- Allow reasonable paid leave of absence so employees can set up a standard PRSA.
- Make deductions from payroll at the request of employees and remit these to the designated PRSA provider.
- Advise employees in writing, eg payslip once per month of the total contribution, including any employer contribution, if any.
IF THE EMPLOYER DOES NOT COMPLY WITH THE STATUTORY REQUIREMENTS TO PROVIDE ACCESS TO A STANDARD PRSA, THEY MAY BE FOUND GUILTY OF A CRIMINAL OFFENCE IN ACCORDANCE WITH THE ACT FOR WHICH FINES AND PENALTIES RANGING FROM €1,500 TO €12,700 AND/OR IMPRISONMENT FOR TERMS OF ONE OR TWO YEARS MAY BE IMPOSED
Mark Cahill Financial Services can assist you in keeping compliant in this area.