About this episode
If you are one of the 800,000 people in Ireland who do not have a workplace pension, your paycheck may be a bit lighter this month. This week, Ireland’s Auto-Enrolment Pension Scheme (a.k.a. MyFutureFund) launched, aiming to address the shortcomings of the State Pension. If you are part of this cohort, 1.5% of your gross salary is now being directed into a retirement account.Luckily for Stock Club listeners, we’re joined by Ralph Benson from MoneyCube to walk you through all the details.With an ageing population and inflation on the rise, auto-enrolment is a key way Europeans can help ensure their comfort in retirement — but there’s a lot to unpack.One especially important point: if you’re in the highest tax bracket in Ireland, you may be leaving money on the table by relying solely on auto-enrolment. Additionally, fund selection is fairly limited, giving you little control over where your money is invested.Some questions we answer:What should I do if I’m an employer?Will I be enrolled if I’m self-employed?My employer hasn’t spoken to me about auto-enrolment or MyFutureFund — should I ask them about it?Should I start my own personal pension or stick with auto-enrolment?Can I have both a personal pension and auto-enrolment?Is auto-enrolment good for Ireland’s overall pension market?Will it have a positive knock-on effect on Ireland’s investing culture?If you find yourself in auto-enrolment, you won’t want to miss this episode.For more information head to: MyFutureFund.ieProphet, MyWallSt's latest investing service, is focused on delivering market-beating in less than 5 minutes a month.Click here to join now.Become a successful investor by checking out all the content MyWallSt has to offer:? Email us: pod@mywallst.com? Learn the fundamentals of investing by downloading our free Learn app: https://bit.ly/3DXPOz7? Keep updated on stock market news by visiting our blog: https://mywallst.com/blog/? Tune in to our podcast Stock Club to stay updated on weekly news: https://mywallst.com/stock-investment-podcast/? Follow MyWallSt on social:? X: @MyWallStHQ? TikTok: @MyWallSt? Instagram: @MyWallSt?? Facebook: @MyWallSt? LinkedIn: MyWallSt00:00 Intro01:42 Details and Impact of Auto-enrolment06:39 Unknowns of the scheme, withdrawals and fees16:16 Auto-enrolment vs Private Pensions (Tax benefits)24:04 What should I do if I’m an employer?24:58 Will I be enrolled if I’m self-employed?25:36 My employer hasn’t spoken to me about auto-enrolment , shoul
