Since its launch on 1 January 2026, more than 763,000 employees from 104,000 employers have been automatically enrolled in Ireland’s MyFutureFund pension scheme, the Department of Social Protection has reported. In addition, over 5,000 workers have opted to join the scheme voluntarily.
The new pension initiative has already attracted contributions totaling more than €60 million, which have been invested with the three contracted fund managers overseeing the programme. MyFutureFund aims to help employees start saving for retirement, particularly those without access to an occupational pension scheme.
All employees aged 23 to 60 who earn over €20,000 across their jobs and are not already in an occupational pension scheme are eligible for automatic enrolment. The rollout of the scheme is planned to take place gradually over the next decade. Contributions from both employers and employees begin at 1.5% of earnings and are set to increase by 1.5% every three years, eventually reaching 6% by the tenth year.
The State will provide a top-up to encourage savings, contributing €1 for every €3 saved by the employee. Employers will also contribute €3, meaning that each euro saved by an employee is effectively matched by additional contributions.
To oversee the scheme, the National Automatic Retirement Savings Authority has been established to ensure regulation and smooth operation. The customer services team, run by Tata Consultancy Services, has handled over 40,000 engagements so far, providing guidance to employees and employers through phone and webchat services.
Minister for Social Protection Dara Calleary described the introduction of MyFutureFund as “truly revolutionary.” He said the programme “will benefit so many hardworking people over the coming years and decades, making sure they have more money in retirement than they otherwise would.”
Looking ahead, the Department of Social Protection plans to expand the scheme’s flexibility. Potential developments include allowing additional voluntary contributions, enabling transfers from existing pension pots, introducing drawdown options for retirees, and considering ways to extend participation to other workers.
The MyFutureFund marks one of the most significant changes to Ireland’s pension system in decades. Analysts say the programme is expected to help workers accumulate retirement savings steadily, particularly for younger employees and those in sectors where occupational pensions have historically been less common.
With its automatic enrolment, matched contributions, and state top-ups, the scheme is designed to encourage long-term savings while easing financial pressures on future retirees. Officials have urged employees to review their accounts, understand their contribution rates, and seek advice if they wish to make voluntary additions.
