I propose to take Questions Nos. 105, 106, 111 and 112 together.
The 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 access to a quality assured retirement savings scheme, thereby giving greater comfort and security regarding their retirement income.
The new system - known as My Future Fund - commenced on the 1 January 2026. To date 762,904 employees that weren't actively contributing to a qualifying pension or PRSA through payroll and who met the age and earnings threshold have been automatically enrolled in My Future Fund.
The operational guideline for My Future Fund are available on myfuturefund.ie and have been available for quite some time on the Government's Automatic Enrolment Information Hub at www.gov.ie/autoenrolment. This includes handbooks and frequently asked questions, guidance for participants and employers, and information videos, as well as more technical guidance intended for payroll developers.
In relation to the basics of the scheme, the following relate to the questions set out in the details supplied:
• Drawdown of the participant's fund, consisting of the employee and employer contributions, the State top-up and the investment growth, is aligned with the State Pension age of 66.
• Early access to My Future Fund savings is only permitted where a participant retires due to exceptional ill health or where a participant retires on the grounds of incapacity.
• While early access is not permitted in cases of financial hardship, a participant may suspend contributions for one to two years.
• Where a participant dies before drawdown, the fund becomes part of the participant's estate, which passes to the deceased's personal representative.
• Drawdown of My Future Fund savings are subject to tax, the arrangements for which are aligned with the treatment of PRSAs.
• Provision of drawdown options beyond the lump-sum option currently provided for, will be a design feature for further examination in due course.
In relation to the fees and charges, it is important for participants, employers and the State that the costs of My Future Fund are kept low and transparent. While the fees that apply to participants' accounts may change over the typical life of a retirement saving plan for an average-income employee, the combined administration and investment management fees in My Future Fund are targeted to remain less than the 0.5% target set by the Government in its final design of the AE system.
Finally, if a person changes to an employment with an occupational pension, their savings in My Future Fund will continue to be administered by NAERSA and invested.
I hope this clarifies these matters for the Deputy.