Dáil Éireann Debate, Thursday - 17 September 2026
262. Deputy Louise O'Reilly asked the Minister for Social Protection his plans to allow for the purchase of AVCs or similar schemes as part of the auto enrolment pension scheme; and if he will make a statement on the matter. [66099/26]
View answerThe Programme for Government contained a commitment to introduce the Automatic Enrolment Retirement Savings System (AE). The aim of introducing AE was 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 1 January 2026 and it is overseen by the National Automatic Enrolment Retirement Savings Authority (NAERSA), which is a separate statutory body, independent of my Department and directly responsible for all operational elements of MyFutureFund. There are currently over 835,000 participants in MyFutureFund.
The current focus of NAERSA is on ensuring all employers comply with their obligations and participants realise the value and benefit of participation in MyFutureFund. In the medium term, officials from my Department and NAERSA will begin to look at various policy measures in relation to MyFutureFund. which may include options for individual participants to make additional contributions to their savings fund. I hope this clarifies matters for the Deputy.
