Registration has opened for employers ahead of the launch of Ireland’s new pension auto-enrolment scheme, My Future Fund, which will begin on 1 January. Businesses can submit their company details and set up payment methods through the employer portal on the scheme’s official website. While the portal will remain open for registration at all times, employers are encouraged to complete the process in advance to avoid fines, penalties, or potential prosecution.
My Future Fund is expected to help approximately 750,000 workers start saving for retirement. The scheme will automatically enrol employees who are not already in an occupational pension plan, aged between 23 and 60, and earning over €20,000 across all of their employments. Contributions from both employers and employees will begin at 1.5% of earnings, increasing by 1.5% every three years until they reach 6% by the tenth year. The State will provide a top-up of €1 for every €3 saved by the employee, in addition to the €3 contribution from employers. Employees enrolled in the scheme will have the option to opt out or suspend participation after six months.
Ireland is the last country in the OECD to introduce a scheme of this kind. To manage the system, the government has established the National Automatic Enrolment Retirement Savings Authority (NAERSA). The authority will handle much of the administrative workload, including identifying eligible employees, managing opt-ins, opt-outs, and suspensions, calculating contributions, and notifying employers of amounts due through payroll. NAERSA will use payroll data from Revenue to conduct eligibility checks and send Automatic Enrolment Payroll Notifications (AEPNs) to employers when an employee is enrolled.
Minister for Social Protection Dara Calleary said that the majority of employers support the new pension programme. Speaking on RTÉ’s News at One, Mr. Calleary highlighted the importance of the scheme in providing retirement savings for those currently without any pension provision. “There are some 750,000 people who currently do not have any pension for when they retire. Ireland is the last OECD country to implement an auto-enrolment savings programme,” he said.
The Minister added that the government has spent six years consulting with employer organisations, including IBEC, and that there is broad agreement on the need for the system. “I’m absolutely sure that we can get this up and running and resolve any challenges that arise,” Mr. Calleary stated.
With the phased rollout planned over the next decade, the government expects My Future Fund to significantly improve retirement savings across the country and provide workers with a secure pathway to financial stability in retirement.
