Auto-Enrolment Pension FAQ

You’ll be automatically enrolled if you meet ALL of these criteria:

• You’re an employee (not self-employed)
• You’re aged between 23 and 60
• You earn at least €20,000 per year
• You’re not already a member of a qualifying pension scheme

If you earn less than €20,000 or are outside the age range, you can still opt in voluntarily.

Contributions start small and increase gradually over 10 years:

Contributions are calculated on your gross salary up to €80,000. Earnings above this cap are not subject to auto-enrolment deductions.

Your contributions are invested through three world-class fund managers: Irish Life, Amundi, and BlackRock. These firms were selected by the State through a competitive tender process. Your money is pooled into professionally managed funds that invest in a diversified mix of global shares, bonds, and other assets.

Yes, but from a limited menu. You choose one of three options:

• Conservative— Lower risk. Mostly bonds and cash. Suitable if you’re within 10 years of retirement.
• Moderate— A balanced mix of shares and bonds. This is the default if you don’t make a choice.
• Adventurous— Higher risk, higher potential growth. Mostly global shares. Best if retirement is 20+ years away.

If you don’t actively choose, you’ll be placed in the fund most appropriate for your age (younger workers default to Adventurous, older workers to Conservative).

The total annual management charge is 0.10%of your fund value. This is set by legislation and is dramatically lower than private pension fees in Ireland (which typically range from 0.75% to 1.5%). On a fund worth €50,000, you’d pay just €50 per year in fees.

You can only opt out during months 7 and 8 after your enrolment date. You cannot opt out before or after this window.

To opt out, submit a request through the MyFutureFund portal or via your employer during the opt-out window. Your contributions (and your employer’s) will be refunded. The state top-up is returned to the Government.

We strongly recommend against opting out. See our detailed opt-out guide for the full reasoning.

Your pension is fully portable. It belongs to you, not your employer. When you change jobs, your MyFutureFund pot stays intact and your new employer simply starts contributing to the same account. You don’t need to do anything — it follows you automatically.

If you’re already in a qualifying occupational pension scheme that meets certain minimum standards (employer contributes at least the required matching amount), you may be exempt from auto-enrolment.

If your existing scheme doesn’t meet the threshold, or if you only have a personal PRSA, you’ll be auto-enrolled as well. You can have both — there’s no rule against it, and more retirement savings is generally a good thing.

NAERSA stands for the National Automatic Enrolment Retirement Savings Authority. It’s the State body responsible for running the auto-enrolment scheme. They handle enrolment, manage the central savings system, appoint fund managers, and oversee the opt-out process. Think of them as the “operator” of MyFutureFund.

The same retirement access rules apply as for other pensions in Ireland. Generally:

• You can access your fund from age 66 (aligned with the State pension age)
• Earlier access may be possible in cases of serious ill health
• You cannot withdraw money early just because you want to

At retirement, you’ll have options including taking a tax-free lump sum (up to certain limits) and using the rest to provide an income.

Your money is held in trust, separate from your employer’s business and separate from the fund managers. If your employer goes bust, your pension is unaffected. If a fund manager fails, your assets are ring-fenced and protected.

However, like all investments, the value of your fund can go down as well as up. There is no guarantee of returns. The State top-up and employer match help cushion this, but investment risk remains.

You won’t be automatically enrolled, but you can voluntarily opt in. If you do, you’ll receive the same employer match and state top-up as everyone else. Your employer must still match your contributions — they cannot refuse.

Contributions are calculated as a percentage of your gross salary(before tax). They’re deducted from your pay after income tax has been calculated — so unlike a private pension, you don’t get upfront tax relief. Instead, you get the state top-up (25%) added directly to your pension pot.

No. Employer contributions are mandatory by law. An employer who fails to make the required contributions faces penalties. They also cannot reduce your salary to offset the cost of their pension contribution, and they cannot treat you differently for being in (or opting out of) the scheme.

Contributions pause when you’re not being paid a salary. No deductions are made during unpaid leave, maternity leave, or career breaks. Your existing fund remains invested and continues to grow (or decline) with the market. Contributions resume automatically when you return to paid employment.

The auto-enrolment scheme has fixed contribution rates (up to 6% at full phase-in). If you want to save more for retirement, you can open a separate private pension (PRSA) alongside your MyFutureFund account. The two are completely independent, and you may get additional tax relief on the private pension contributions.

They’re completely separate:

• The State Pensionis a flat-rate weekly payment (currently ~€277/week) funded by PRSI. Everyone who qualifies gets the same amount.
• Auto-enrolment (MyFutureFund) is a personal savings pot that grows based on your contributions and investment returns. What you get depends on what you put in.

Auto-enrolment is designed to supplementthe State Pension, not replace it. You’ll receive both at retirement.