Zen Pensions, a new Irish fintech, has officially launched, introducing a fully digital, app-based pension designed to simplify retirement savings for employers and employees. The company aims to disrupt the market with a transparent, low-cost alternative to both traditional providers and the upcoming State-led auto-enrolment system.
A Digital-First Approach to Pensions
Zen Pensions offers a Personal Retirement Savings Account (PRSA) that allows employers to effortlessly onboard employees through a mobile app, ensuring compliance with current regulations. This positions it as a streamlined, hassle-free option for businesses seeking an alternative to auto-enrolment.
Key Target Markets and Benefits
The solution is tailored for two primary groups:
Employers & Employees: It eliminates administrative paperwork, offering a "fuss-free" setup where employees manage their pension directly via their phone. Employers bear no cost to offer the service.
One-Member Arrangements (OMAs): The product provides a timely solution for over 90,000 small pension schemes (like SSASs) that must transfer to a retail product by April 2026 due to recent legislative changes.
Transparent, Low-Cost Fee Structure
Zen Pensions distinguishes itself with a simple, all-in fee model:
A maximum Total Expense Ratio (TER) of 0.9%, with no hidden contribution, platform, or management charges.
Fees reduce to 0.8% for funds over €400,000 and 0.7% for funds over €1 million.
The company notes this is less than half the typical TER of many incumbent PRSAs.
Advantages Over Auto-Enrolment
For employees, the Zen Pension offers several benefits compared to the proposed auto-enrolment scheme, including:
Higher marginal tax relief (up to 40% vs. a 25% government top-up).
Greater choice and flexibility in contributions.
Earlier potential access to savings from age 50 if retiring, versus the State scheme's access age of 66.
Full portability, meaning the pension "pot follows the member" seamlessly when they change jobs.
Backed by Experience and Regulated Security
Zen Pensions is regulated by the Central Bank of Ireland, and its product is approved by the Pensions Authority. It operates on passively managed funds from an Irish-regulated investment manager and is manufactured through a strategic partnership with Galway-based insurer Acorn Life DAC.
The company was founded in 2021 by a team of industry veterans: CEO Ailish Dooley (former Barclaycard), Chairman Conor O’Neill (actuary and former CEO of Canada Life Reinsurance), CTO Richard Skinner, and co-founder Daire O’Brien. It has raised over €1.7 million to date, including support from Enterprise Ireland’s High Potential Start-Up programme. The company also announced the appointment of Richard Kelly, former Head of Pensions for Europe at CBRE, as its new Chief Operating Officer.
Future Roadmap
While initially targeting the workplace pension market, Zen Pensions plans to expand by launching a dedicated pension product for self-employed professionals, freelancers, and contractors in the near future.
Ailish Dooley, Chief Executive Officer of Zen Pensions, said:
“We are excited to launch Zen Pensions in Ireland. We are a fintech startup and we are seeking to disrupt the market by offering a fully digital pension and far more convenient service that involves zero setup costs for employers and much lower and far more transparent fees for employees. The pension industry has been the same for years and customers have had to put up with a clunky, confusing, bureaucratic and overly expensive service. We are turning this model on its head and using our unique and innovative technology to make life easier for employers and to empower pension savers.”
“Employers can use our system at no cost other than the contributions they wish to make on behalf of their employees. Employees can easily sign up via the app and will have control of their own pension. This means they will enjoy the flexibility they need and deserve while paying far lower costs than those currently charged by existing personal pension providers. It’s a win-win for all involved.”
Richard Skinner, Zen Pensions’ Chief Technology Officer, said: “Traditional pension providers have completely overlooked the reality of how SMEs operate in today's business environment. We have spoken to employers, and we have used their feedback to create an entire digital ecosystem that makes pension management effortless for them and serves as an alternative to auto-enrolment. Our technology connects employers, employees, and pension administration in a seamless digital environment where employers can onboard staff in minutes and maintain compliance. We're not just digitising an old process – we're completely reimagining how pensions should work in the digital age, building the infrastructure that allows Irish businesses to focus on what they do best. We handle the complexity of modern pension requirements behind the scenes."
Anne Lanigan, Head of Technology and Services at Enterprise Ireland said: “I wish to congratulate Zen Pensions, a female led Irish company on today’s milestone announcement. Enterprise Ireland is proud to have supported Zen Pensions at each stage of its journey to date. Today’s announcement will allow Zen Pensions to scale and compete across the pensions sector in Ireland and the EU and bring its innovative product to the next level.”
Interested in
Technological innovation applied to financial services has created a wave of disruptive activity that will change the shape of the global financial system over the next decade.
This has created demand from graduates and employees for programmes specifically tailored to the skills required for a changing financial services industry.
This is an interdisciplinary program that focuses on finance, data analytics and computing. It is designed to appeal to graduates seeking to gain exposure to Fintech – the technology enabled business model innovation in the financial sector.
