Major Pension Scheme for 800,000 Workers Set to Launch with Support from Tata Consultancy Services
Dublin: Ireland is set to implement a major pension scheme aimed at benefiting 800,000 workers who are currently not part of any existing pension plans. The “My Future Fund” auto-enrolment pension scheme, a collaboration between the Irish government and Tata Consultancy Services (TCS), is scheduled to launch in September next year. The government has signed a 15-year contract with TCS worth €150 million to manage the project.
Minister for Social Protection, Heather Humphreys, announced that the first enrolments under the “My Future Fund” scheme will begin on September 30, 2025. To facilitate its implementation, the National Automatic Entitlement Retirement Savings Authority (NAERSA) will be established, coming into effect on March 31, 2025. Recruitment for NAERSA’s board and staff is set to commence shortly, and the procurement of investment managers responsible for overseeing the funds raised through the scheme will also begin soon.
Minister Humphreys emphasised that the scheme will allow ample time for all stakeholders—including employees, employers, payroll developers, and pension providers—to prepare for the rollout of auto-enrolment. In addition, a large-scale communication campaign will be launched in the coming months to ensure that the public is well-informed about the new system.
The “My Future Fund” scheme is designed to automatically enrol workers who are not currently part of a pension plan, with the goal of significantly increasing both the number of pensioners and the retirement savings available to them. Ireland is presently the only OECD country without an auto-enrolment pension system, a gap that this initiative aims to address.
Heather Humphreys highlighted the importance of the scheme, stating that it would bring together the contributions of employees, employers, and the government to provide substantial financial support for workers in their retirement years.
Tata Consultancy Services, which operates a workforce of 1,400 people at its headquarters in Letterkenny, Ireland, has extensive experience in managing similar pension schemes in other countries, including the UK.
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