Dáil Éireann Debate, Wednesday - 8 October 2025
253. Deputy Richard Boyd Barrett asked the Minister for Social Protection to outline, separately, the fixed charge, the annual management charge, and the contribution charge that will apply to My Future Fund participants; to specify if and how much the three aforementioned charges differ for participants who will be actively contributing and those who will not; and if he will make a statement on the matter. [53971/25]
Amharc ar fhreagraThe Programme for Government contains a commitment to introduce the Automatic Enrolment (AE) Retirement Savings System. 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 - to be known as My Future Fund - will commence from 1st January 2026. The implementation of My Future Fund will pave the way for around 800,000 workers to be brought into a retirement savings scheme for the first time and I look forward to its implementation.
The fees associated with automatic enrolment are under active consideration and are likely to constitute a flat fee for administration purposes and a percentage of assets under management for investment services. Through negotiation with service providers, the Department will ensure these are highly competitive. It is envisaged that there will not be any other charges either on members or on their employers. The full details of the fees will be disclosed closer to the commencement of the system.
I hope this clarifies matters for the Deputy.
