MyFutureFund Pension Auto-Enrolment

Ireland has a brand new pension scheme, and if you employ staff, there’s a good chance it already affects you.

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MyFutureFund launched on 1 January 2026. It’s a State-run workplace pension that automatically signs eligible employees up for retirement savings. Both you (the employer) and your employee put money in each month, and the Government adds a top-up too.

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If you haven’t looked into this yet, don’t panic, but do read on. There are some important dates coming up and a few things you need to have in place.

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What is MyFutureFund?​

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In simple terms, MyFutureFund is Ireland’s version of what many other countries already have, an automatic workplace pension.

Before this scheme, millions of private sector workers in Ireland had no pension at all. The Government introduced MyFutureFund to change that.

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Here’s how it works: - Eligible employees are automatically enrolled, they don’t have to sign up themselves - Each month, contributions come from the employee, the employer, and the State - The money goes into a personal pension pot that the employee owns.

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It’s run by a body called NAERSA (the National Automatic Enrolment Retirement Savings Authority), set up specifically to manage the scheme.

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Who Gets Enrolled?​​

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Not every employee is automatically enrolled. The rules are straightforward, an employee must tick all three of these boxes:

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• Aged between 23 and 60

• Earning more than €20,000 a year (across all jobs combined)

• Not already in a qualifying workplace pension

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If an employee already has a pension through work that meets the minimum standards, they don’t need to be enrolled in MyFutureFund, as long as you can show proof of this.

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How Much Does It Cost?​​

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Contributions are phased in gradually over 10 years, so the amounts start small and increase over time.

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2026–2028 (Years 1–3) Employee: 1.5% | Employer: 1.5% | State top-up: 0.5%

2029–2031 (Years 4–6) Employee: 3% | Employer: 3% | State top-up: 1%

2032–2034 (Years 7–9) Employee: 4.5% | Employer: 4.5% | State top-up: 1.5%

2035 onwards Employee: 6% | Employer: 6% | State top-up: 2%

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Contributions are based on gross earnings up to €80,000 per year. So right now in 2026, you’re paying 1.5%, manageable, but still something to factor into your payroll costs.

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Key Date: 31st August 2026 Opt-Out Deadline​

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Here’s something that’s coming up fast.

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Employees who were automatically enrolled on 1 January 2026 have until 31 August 2026 to opt out if they choose to. After that date, the next opt-out window doesn’t open until much later.

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Employees cannot opt out from day one, they must be enrolled first and complete at least six months in the scheme before they can leave. Any contributions made during that time will be refunded if they do opt out.

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As an employer, you don’t need to do anything about the opt-out process itself, employees handle that directly with NAERSA. But it’s worth letting your staff know this deadline exists so they can make an informed decision.

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What Do You Need to Do as an Employer?

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Here’s a simple checklist:

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1. Check who qualifies Go through your staff list and identify anyone aged 23–60 earning over €20,000 who isn’t already in a qualifying pension.

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2. Check existing pension arrangements If any employees are already in a company pension, make sure it meets the qualifying standards. Keep documentation to back this up.

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3. Register with NAERSA You need to register your business with NAERSA to participate in the scheme.

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4. Update your payroll Make sure your payroll software is set up to calculate and deduct the correct contributions each pay period.

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5. Tell your employees Let staff know they’ve been enrolled, what contributions will be deducted, and that they have an opt-out window after six months.

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What Happens If You Don't Comply?

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NAERSA has real enforcement powers. If you fail to enrol eligible employees, make incorrect contributions, or don’t register, you can face fines and penalties.

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This isn’t something to put off. The scheme is live now and Revenue are watching.

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Need Help Getting This Right?

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Auto-enrolment touches your payroll, your HR processes, and your tax obligations all at once. Getting the details wrong, even accidentally, can be costly.

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At Bond & Co., Chartered Certified Accountants in Swords, Dublin, we’ve been helping local businesses get on top of MyFutureFund since it launched. We can:

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• Review your workforce and identify who needs to be enrolled

• Check whether your existing pension scheme qualifies

• Work with your payroll provider to make sure contributions are set up correctly

• Keep an eye on compliance as the scheme evolves

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Whether you’re a sole trader with one employee or a company with a growing team, we’ll make sure you’re on the right side of the rules, without the headache.

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Get in touch today: