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Auto-enrolment body's chief to be based in Donegal

The Government has named the preferred bidders for contracts to manage investments arising from the new auto-enrolment pensions system.

The recruitment processes for a chief executive and board members for the body that will oversee the scheme have also begun.

The Department of Social Protection said that the chief executive of the National Automatic Enrolment Retirement Savings Authority (NAERSA) and support staff would be based in Letterkenny, Co Donegal, with board meetings split between Donegal and Dublin.

Investment management

Last month, the Government confirmed that the first contributions under the system, called ‘My Future Fund’, would be delayed until 1 January 2026.

The department said today (20 May) that Irish Life Investment Managers, Amundi, and Blackrock were the preferred bidders for the scheme’s investment-management contracts.

These companies are now expected to complete contract negotiations this summer, according to the department.

Regional development

Published by the Public Appointments Service (PAS) on behalf of the Top-Level Appointments Committee (TLAC), the position of chief executive of NAERSA will be filled through an open competition.

An appointment is set to be made “by early autumn”.

Separately, between five and eight board positions will be filled in line with the State Boards process.

“By basing the chief executive of NAERSA, a role of real national importance, as well as NAERSA support staff in Co Donegal, we are demonstrating our ongoing commitment to balanced regional development,” said Minister Dara Calleary.

State top-ups

The department said that the decision on location would also support its close working relationship with Tata Consultancy Services (TCS), the contracted managed-service provider of the scheme, which is also based in Letterkenny.

Under the system, employees aged between 23 and 60, who earn over €20,000 a year, and who are not already paying into a pension scheme, will be automatically enrolled in one.

Contributions made by the employee will be matched by the employer and topped up by the State. For every €3 put

in by an employee, the employer will also contribute €3, and the State will contribute €1.