Zen Pensions launches in Ireland offering employers a simple, transparent way to provide a pension to employees with zero set-up cost

• New fintech start-up seeks to disrupt the pension market with Ireland’s first fully digital, app-based pension
• Employers can satisfy auto-enrolment requirements by providing a Zen Pensions PRSA account to employees
• Zen Pensions does not charge fees to the employer, and there are no costs to the employer other than their contributions
• Employee charges are transparent, shown clearly in the app and are much lower than those charged by many traditional providers
• Founded by Ailish Dooley, Conor O’Neill, Richard Skinner and Daire O’Brien, Zen Pensions is launching as part of a strategic partnership with the long-established, Galway-based insurer, Acorn Life DAC, for product manufacture

Zen Pensions, a new fintech startup, has today 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 has been established to disrupt the Irish pensions market by offering the first fully digital, app-based pension.

The Zen Pensions PRSA differs from existing solutions in that it allows employers to easily onboard employees via an app, ensuring employers comply with existing PRSA requirements and providing a fuss-free alternative to auto-enrolment.  

The product is also the perfect solution for the 90,000 plus One-Member-Arrangements (OMAs), such as Small Self-Administered Schemes, which will need to transfer to a retail master trust or PRSA by April 21, 2026, following changes to legislation in 2021. 

Zen Pensions provides a low-cost digital first solution for the modern executive who wants control and flexibility within a tax-efficient structure.

It offers all the benefits of existing pensions without any of the bureaucracy. It also makes it simple for the “pot to follow the member”, meaning members remain in control of their pension and can easily take it with them when changing jobs, without any input needed from their former employer.   

The company has designed the product to streamline the existing clunky and cumbersome pensions experience offered by traditional providers. It makes onboarding easy for employers and eliminates paperwork for employees, 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.

The Total Expense Ratio (TER) for a Zen Pension is 0.9% or less. Employees are charged a maximum annualised all-in fee of 0.9% of their pension value. There are no other hidden charges such as contribution, platform or management charges, which are generally applied to most retail pension products in Ireland. The charge reduces to 0.8% for fund values over €400,000 and 0.7% for fund values over €1m. This compares to a TER for incumbent PRSAs which is over twice this level.

With Zen Pensions, employees have 24/7 visibility of their retirement savings account at the touch of a button. Employees can also maximise tax benefits through Additional Voluntary Contributions (AVCs) paid directly through payroll. If an employee leaves their existing employment they take their Zen Pensions account with them, meaning the employer stops making contributions and is not left to manage ex-employee pensions. 

Employees will be able to choose their pension plans, benefit from marginal tax relief (up to 40%) and access their retirement savings from age 50, if retiring from employment. This compares favourably to auto-enrolment where employees will have limited choices, fixed contribution rates, a 25% tax relief equivalent and cannot access their pension until they are 66.

Zen Pensions’ product is based on passively managed funds, provided by an Irish-regulated investment manager. Zen Pensions is regulated by the Central Bank of Ireland, 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. To date, it has raised over €1.7m in funding, including €300,000 from Enterprise Ireland (EI), and is part of EI’s High Potential Start-Up (HPSU) programme. The company was previously known as Marshmallow but rebranded in 2024.

The company has agreed a strategic partnership with the long-established, Galway-based insurer, Acorn Life DAC, for product manufacture.

Dooley, a chartered accountant with over 25 years’ experience in financial services was formerly Head of Operations at Barclaycard International Payments and is the Chief Executive Officer of Zen Pensions.

O’Neill, an actuary and former CEO of Canada Life Reinsurance Ireland and Managing Director of Barclays Insurance in Ireland, is the company’s Chairman. O’Neill is a veteran of Irish financial services and was co-founder of Delta Index, Ireland’s leading financial spread-betting firm.

Skinner, an experienced IT professional who specialises in AI and machine learning, is Zen Pensions’ Chief Technology Officer. O’Brien, a journalist and television presenter, is also a co-founder.

Zen Pensions has today also announced the appointment of Richard Kelly as its new Chief Operating Officer. Kelly has over 20 years’ experience in workplace pensions having worked with Mercer and VHI Healthcare. He is the former Head of Pensions for Europe at CBRE.

Initially targeting employers and their employees, Zen Pensions’ future plans include a pension offering for self-employed freelancers and contractors, allowing pension savers to pay directly into their pension via the Zen Pensions app. 

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.”

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About Zen Pensions 

Zen Pensions is a new fintech startup seeking to disrupt the Irish pensions market. The company has developed the country’s first fully digital, app-based pension, offering employers a simple and transparent way to provide employees with a pension. There is no set-up cost for the employer, and it serves as an alternative to auto-enrolment. Zen Pension’s product differs from existing solutions in that it allows employers to easily onboard employees via an app, ensuring employers comply with existing PRSA requirements and providing a fuss-free alternative to auto-enrolment.