Pension Technology Provider Of The Year

Irish Pension Awards 2023

Welcome to the latest edition of our newsletter. We are excited to share with you some of our latest achievements and updates over the last few months.

We are so proud to announce that we have gone through the renewal process and achieved our ISO 9001 and 27001 registration! Many thanks to the team at L&P as it is a credit to them all. Specific thanks to Leo Nnachi for heading up the project and the individuals that worked with him in the development and implementation of these standards.

Updated data standards have just been published for the Pensions Dashboard program as the UK pensions industry prepares for connection. Our systems have new data screens ready and in line with these standards which cover the data requirements for finding and viewing pensions information. It will be mandatory for pension providers and schemes to connect to the ecosystem so get your data dashboard ready with us.

If you need more support in ensuring you are ready for change do not hesitate to get in touch with us.

Following government approval, Ireland's new automatic enrolment scheme is expected to begin enrolling members in January 2025. 

The bill has now been published and it is expected to pass, with enactment by July 2024. The plan is that employers will be expected to start taking the first enrolments in to a new workplace retirement savings system from January 2025. 

The typical retirement plan nowadays offers employers a DC arrangement which is jointly funded by employee and employer contributions. However, many employers still will have employees who do not participate in their pension scheme. This could be because they are not eligible for the employer's scheme or are eligible but choose to have their retirement savings elsewhere. 

Employees that do not participate in the employer's scheme, for whatever reason, must be auto-enrolled in to the new government AE scheme. Employers will have two pension systems in operation for their employees. However, some employers are exploring the option of opening their current scheme to un-pensioned staff.

Our pensions systems already have tried and tested functionality, having successfully implemented the auto enrolment legislation in the UK auto-enrolment some years ago. If you need any help or advice to ensure you’re ready for these changes in Ireland, please do not hesitate to contact us. Planning ahead will help you move with this legislation with ease. 

Click here to read more about the bill

Our new Pension Fund accounting software, Pension Accounts Master, has received positive reviews from our clients. It is an intuitive, logical and easy to use system and more fluid than the bigger accounting packages.

To find out more about our Pension Funds Accounts Systems, contact info@lpsystems.com

20 years of L&P....

We would like to say a special thank you to our very own Leo Nnachi who completed 20 years with the company in April this year. Leo's dedication and commitment to L&P are unquestionable. He is truly valued and respected by both his colleagues and our clients alike and we look forward to many more years with Leo as a key part of the L&P family. 

UK Office

5 Birchall Street, Liverpool, L20 8PD, UK

Dublin Office

90 Georges Avenue, Blackrock, Co Dublin, A94 N767 Ireland