770,000 Workers Enrolled in MyFuture Fund as Pension Reform Takes Effect

Dublin: More than 770,000 employees have been enrolled in the government’s new MyFuture Fund retirement savings scheme, marking the most significant reform of Ireland’s pension system in decades, according to figures from the Department of Social Protection.

Launched on 1 January 2026, the auto-enrolment scheme is designed to support workers in building retirement savings. It applies to employees aged between 23 and 60 who are not members of an occupational pension scheme and earn more than €20,000 annually. To date, workers across 104,000 employers have been automatically enrolled, while more than 5,000 individuals have voluntarily opted into the scheme.

Under the programme, employee and employer contributions will initially be set at 1.5% of gross pay. Contribution rates will increase by 1.5 percentage points every three years, reaching 6% over a ten-year period. For every €3 contributed by the employee and €3 by the employer, the government will add €1. Participation is mandatory at the outset, although employees retain the right to opt out if they choose.

The National Automatic Enrolment Retirement Savings Authority has been established to oversee the operation of the scheme. Customer support services, operated by Tata Consultancy Services, have already handled more than 40,000 queries via phone and web chat, assisting both employers and employees.

Minister for Social Protection Dara Calleary described the MyFuture Fund as a “revolutionary” initiative that will significantly enhance retirement income security for hard-working people across the country.

The department is also examining options to allow additional voluntary contributions, facilitate the transfer of existing pension investments into the MyFuture Fund, and develop flexible withdrawal arrangements at retirement age. Government sources indicate that consideration is being given to expanding the scheme to include additional categories of workers in the future.

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