ROI's MyFutureFund

Ireland is preparing for a major change to workplace pensions with the launch of MyFutureFund, the country’s new auto-enrolment pension scheme, set to commence in January 2026.

The scheme is designed to close gaps in pension coverage and strengthen long-term financial security for workers. It will be administered by the National Automatic Enrolment Retirement Savings Authority (NAERSA), which will oversee all operations and reduce the administrative burden for employers.

Who will be enrolled

Employees will be automatically enrolled if they:

• Earn €20,000 or more per year (across all jobs)
• Are aged between 23 and 60
• Aren’t already contributing to a workplace pension

Those earning less than €20,000 can opt in through an online portal. Eligibility will be determined automatically using payroll data from Revenue.

How it will work

Both employees and employers will contribute to the scheme, along with a State top-up.

• Starting at 1.5% each for employees and employers, rising gradually to 6% over ten years
• The State adds 0.5% on top
• Contributions will be based on gross pay, capped at €80,000 per year

Each employee’s savings will be held in a personal pot that moves with them if they change jobs. Investments will be managed by firms such as Irish Life, Amundi and Blackrock, offering a range of risk options.

Opting out and suspensions

Employees will be able to opt out between months 7 and 8 after joining or during rate increases, and can suspend contributions after six months.

Opt-outs trigger refunds of employee contributions,while employer and State payments remain invested.

Employer responsibilities

Employers won’t be required to determine who qualifies, as NAERSA will manage eligibility.

However, they will need to:

• Use payroll software to apply auto-enrolment notifications
• Notify staff when they’re enrolled
• Pay contributions on the same day as wages

Penalties will apply for non-compliance or for attempting to influence employee participation.

What it means for employers

For most businesses, MyFutureFund should be straightforward to manage once payroll systems are updated. The phased contribution model allows employers to plan financially, while NAERSA’s centralised systems aim to reduce administration.

MyFutureFund will not replace the State Pension but will ensure every worker in Ireland has access to a secure, portable retirement savings plan.