New fintech startup Zen Pensions has announced its entry into the Irish pensions market, offering employers a simple, transparent and zero-cost way to provide employees with a pension that serves as an alternative to auto-enrolment.
Zen Pensions was set up to disrupt the Irish pensions market by offering the first fully digital, app-based pension.
Zen Pensions said it provides a low-cost digital first solution for the modern executive who wants control and flexibility within a tax-efficient structure, adding that its product streamlines "the existing clunky and cumbersome pensions experience".
It said its product makes onboarding easy for employers and eliminates paperwork for workers, allowing them to sign up to and manage their employer-provided pension themselves using their phone.
Zen Pensions does not charge employers to use its service and its charging structure for employees involves one single and low annualised charge that can be easily understood and monitored.
Zen Pensions' product is based on passively managed funds, provided by an Irish-regulated investment manager. It is regulated by the Central Bank, and the Zen pension product has also been approved by The Pensions Authority.
Zen Pensions was founded in 2021 and has four co-founders - Ailish Dooley, Conor O'Neill, Richard Skinner and Daire O'Brien.
It has raised over €1.7m in funding so far, including €300,000 from Enterprise Ireland, and is part of Enterprise Ireland's High Potential Start-Up (HPSU) programme.
The company was previously known as Marshmallow but rebranded in 2024.
It has agreed a strategic partnership with Galway-based insurer Acorn Life DAC for product manufacture.
"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," Ailish Dooley, chief executive of Zen Pensions, said.
"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," she said.
"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," she explained.
"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," she added.
