Cormac Devlin
Question:20. Deputy Cormac Devlin asked the Minister for Social Protection for an update on MyFutureFund, the automatic enrolment retirement savings system. [31106/26]
View answerThursday, 30 April 2026
Questions (20)
Written answers
The Programme for Government contained a commitment to introduce the Automatic Enrolment Retirement Savings System (AE). The aim of introducing AE is to address the pension coverage gap that exists in Ireland and to provide workers with greater comfort and security regarding their retirement income.
The new system - known as MyFutureFund - commenced on the 1st January 2026. All elements of the system are operating as planned. Since the 1st January, based on analysis of payroll data from the Revenue Commissioners, over 806,000 employees have been automatically enrolled in MyFutureFund. These employees work for approximately 109,000 employers. In addition, more than 7,200 employees have applied to join the scheme voluntarily.
Payroll instructions have issued to these employers to deduct contributions from employees' pay. Approximately €250 million of contributions has already been collected for investment with the three contracted investment managers.
Both the employer and participant website portals are fully functional. Since the 1st December, employers have been asked to register their company, contact and payment details with NAERSA on the employer portal so that the administrative burden for them and the management of the system is made as easy as possible. Most employers have done so which represents a very high level of compliance. Furthermore, it demonstrates the importance that employers place on MyFutureFund and their aspiration to do what is right for their employees, which I commend.
I hope this clarifies matters for the Deputy.