Automatic Enrolment Retirement Savings System Act 2024 section 58

Contributions

Section 58 sets out how participant, employer and State contributions are calculated and paid to the Authority, including an annual earnings cap of €80,000 and the notification process for collecting contributions.

• For each contributing participant, three separate contributions — from the participant, the employer and the State — are payable to the Authority at the appropriate rate (determined by section 61) on the participant's gross pay for each payment of emoluments in non-exempt employment.
• An annual earnings cap of €80,000 applies: once a participant's cumulative gross pay across all non-exempt employments in a financial year reaches €80,000, no further contributions are due on earnings above that threshold.
• The Authority notifies employers of the contribution amounts due via a payroll notification (covering both participant and employer contributions), and separately notifies the Minister under section 60 in respect of State contributions.
• A payroll notification or section 60 notification may include an adjustment to correct any error in the amount of past contributions.