Dáil Éireann Debate, Wednesday - 10 December 2025
241. Deputy Eoin Hayes asked the Minister for Social Protection the estimated annual budget for NEARSA, for the administration and running of My Future Fund, along with a breakdown of estimated costs; and if he will make a statement on the matter. [70654/25]
View answer243. Deputy Eoin Hayes asked the Minister for Social Protection the estimated demographics of people who are expected to participate in the auto-enrolment scheme, to include details of age, sector of employment, income levels, geographic location, and so on, in tabular form; and if he will make a statement on the matter. [70656/25]
View answerI propose to take Questions Nos. 241 and 243 together.
The introduction of a pensions auto-enrolment system is a Programme for Government commitment, and one of my key priorities. The aim of introducing an Automatic Enrolment (AE) system is to address the pension coverage gap that exists in Ireland, and to help provide for better retirement incomes for workers. The new system will be called 'My Future Fund' and it will launch from the 1st January 2026.
With regard to the budget of the National Automatic Enrolment Retirement Savings Authority (NAERSA), which is the statutorily independent body established to oversee and manage the AE system, a contract was signed on 9th October 2024 with Tata Consultancy Services (TCS) for the provision of a managed service to administer the AE system on behalf of NAERSA. The cost of this contract will be in the region of €100 million to €150 million over 10 to 15 years. Annual staffing and corporate costs are expected to be in the region of €10 million per annum.
Regarding the estimated demographics of people who may be deemed eligible to participate in My Future Fund, information on the age and sector of prospective participants is set out in the table below. Data on income levels and geographic location is not available.
|
AGE |
23-30 |
31-40 |
41-50 |
51-60 |
|
SECTORS |
|
|
|
|
|
Agriculture, hunting and forestry |
1888 |
2264 |
2048 |
1422 |
|
Construction |
6511 |
7183 |
7006 |
3838 |
|
Education |
4633 |
4817 |
5269 |
4349 |
|
Financial intermediation |
3123 |
3033 |
1567 |
769 |
|
Fishing |
82 |
114 |
104 |
88 |
|
Health and social work |
8614 |
11461 |
8971 |
5969 |
|
Hotels and restaurants |
14357 |
13029 |
10068 |
5251 |
|
Manufacturing |
7042 |
9512 |
9773 |
5859 |
|
Public administration and defence |
1651 |
1976 |
2901 |
3044 |
|
Mining and quarrying |
96 |
128 |
171 |
145 |
|
Other community, social and personal service activities |
9657 |
9740 |
9106 |
6368 |
|
Other sectors |
595 |
663 |
581 |
385 |
|
Real estate, renting and business activities |
4336 |
4587 |
4022 |
2850 |
|
Transport, storage and communication |
5379 |
6107 |
6179 |
4306 |
|
Unknown |
139342 |
147314 |
134553 |
85040 |
|
Wholesale & retail trade |
17795 |
16094 |
15051 |
9073 |
I hope this clarifies matters for the Deputy.
