As we look ahead to the landscape of pensions in the pharmaceutical industry, several key trends are shaping the future for employees and employers alike.
Here’s what Big Pharma professionals need to know about the changing pension environment.
Auto-Enrolment: Changing the game for Retirement Savings
The introduction of auto-enrolment in Ireland is set to launch on September 30 2025.
This will have a significant impact on the pharmaceutical sector. This mandatory retirement savings system will ensure broader pension coverage across all industries in Ireland, including Big Pharma.
Companies should:
- Prepare for the operational and compliance requirements of auto-enrolment
- Review existing pension schemes to ensure they meet or exceed the new standards
- Develop strategies to communicate these changes effectively to employees
Read more: 7 Tips to Maximise Benefits Ireland 2024 Pension Auto Enrolment Scheme
The Future of Pensions in Big Pharma: Key Trends
The pharmaceutical industry is shifting from Defined Benefit (DB) pensions to Defined Contribution (DC) schemes due to rising costs. Stricter regulations and the need for flexible retirement options are also pushing people to change their pension type.
Retirement is becoming more flexible, with phased retirement programs helping retain experienced professionals.
Meanwhile, global pharmaceutical companies must navigate cross-border pension regulations to support mobile employees.
With rising life expectancy and healthcare costs, companies need to ensure pension savings are sufficient.
Another trend is seeing more companies introduce financial wellness programs and better employer contributions can help employees secure their financial future.
Plan Your Retirement with Confidence
The future of pensions in Big Pharma is evolving.
At Q Financial, we specialise in pension planning for pharma professionals. Contact us today to secure your financial future. Talk to pension experts today.
