‘My Future Fund’ – the Automatic Enrolment Retirement Savings System

With the compulsory auto-enrolment retirement savings scheme—My Future Fund—set to launch in late September 2025, the Department of Social Protection has released a helpful information toolkit, including a series of YouTube videos to guide both employers and employees through the process.

What is My Future Fund?

My Future Fund is a new national retirement savings scheme designed to support employees who are not already contributing to an occupational or personal pension plan. Under this scheme:

• Employees, employers, and the **State **will all contribute to the retirement fund.
• The fund will be paid out in addition to the State Pension when participants reach the State retirement age (currently 66).
• It aims to help people maintain their standard of living in retirement.

Key Features

• A new body—the National Automatic Enrolment Retirement Savings Authority (NAERSA)—will oversee the scheme.
• NAERSA will handle employee identification and enrolment, manage opt-ins and opt-outs, calculate contributions, and notify employers of amounts due through payroll.
• The scheme has been designed to keep administration minimal for employers, making the transition as smooth as possible.

Informational Resources Available

To assist with the upcoming changes, the Department has launched a series of short videos explaining:

• How auto-enrolment will work
• Who is eligible
• Employer and employee contribution rates
• Specific guidance tailored to each group

You can access the videos via YouTube and find further details on the official government website.

What Employers Should Do Now

Employers should** familiarise themselves** with the scheme using the official resources, begin preparing their payroll systems for the upcoming changes, and consider how the scheme may impact business budgeting and employee communications.

Should you have any queries or need further guidance, you can reach the Department directly at autoenrolment@welfare.ie.