MyFutureFund Explained: What You Need To Know

What Is MyFutureFund?

MyFutureFund is a new retirement savings system for workers who do not already have a pension through their job. If you meet the criteria, you will be enrolled automatically and contributions will be taken from your salary through payroll.

You will be included if you:

• Are aged between 23 and 60
• Earn more than €20,000 per year across all jobs combined
• Do not already contribute to a pension scheme through payroll

You will not have to apply or fill in forms. Your employer will enrol you and the Central Processing Authority (CPA) will manage your account in the background.

If you are an employer and want more support with this, visit our Auto-Enrolment Support for Employers page for more detail.

How Contributions Work

MyFutureFund will be phased in gradually over ten years. Contribution rates for employees and employers will rise in stages, while the State adds a top-up.

• Years 1 to 3: Employee 1.5% of salary, employer 1.5%, State adds €1 for every €3 saved
• Years 4 to 6: Employee 3%, employer 3%
• Years 7 to 9: Employee 4.5%, employer 4.5%
• Year 10 onwards: Employee 6%, employer 6%

The State top-up means that every €3 you contribute becomes €4 before any investment growth is added. This is designed to encourage people to stay in the scheme and build long-term savings.

Who Manages MyFutureFund?

A new body called the Central Processing Authority will run the system. It will handle contributions, records, investment options and account statements.

Employers will not be expected to select investment funds or manage the money. Their role will be to identify eligible staff, enrol them, and pass contributions on through payroll.

If you already offer a pension scheme and want to check that it meets the new requirements, our team can help. You can read more on our Pension Support for Businesses page.

What It Means For Employees

If you have never had a pension before, MyFutureFund may be the first time you save regularly for retirement. The process is simple. Contributions come out of your pay before you receive it, your employer adds their share, and the State adds its top-up.

You will have:

• The right to opt out after six months
• The option to opt back in later
• Automatic re-enrolment every two years if you still qualify

If you are already a member of a workplace pension scheme, you will not be enrolled in MyFutureFund. Your current pension arrangement will continue.

What It Means For Employers

For employers, MyFutureFund brings both opportunities and responsibilities. You will need to:

• Identify eligible employees and enrol them
• Match employee contributions at the required rate
• Ensure payroll systems can handle AE correctly
• Communicate clearly so staff understand what is happening

There will be cost implications as contribution rates rise over time, so planning ahead is important. Many businesses are reviewing existing schemes now so they are not running two systems side by side by mistake.

If you are looking at financial wellbeing more broadly, you may also find our
Financial Wellbeing for Workplaces services useful.

Why MyFutureFund Matters

Pension coverage in the private sector has been relatively low in Ireland. MyFutureFund is designed to increase coverage by making saving the default choice rather than something people must organise themselves.

For employees, it creates a simple way to start building a pension with help from both employer and State. For employers, it is an opportunity to strengthen benefits, support staff and show a long-term commitment to their financial security.

For both, the key is understanding how the scheme works and how it fits into wider financial planning.

How Lynx Can Help

At Lynx Financial Services, we work with employers, HR teams and individual employees to make auto-enrolment easier to navigate. We can:

• Review your current pension and benefits setup
• Run briefings for HR, payroll and leadership teams
• Deliver staff information sessions on MyFutureFund
• Support workplace financial wellbeing initiatives

If you would like support tailored to your business, visit our Auto-Enrolment Support for Employers page or contact us to arrange a no-obligation chat.

Frequently Asked Questions About MyFutureFund

Who Will Be Automatically Enrolled?

You will be automatically enrolled if you:

• Are aged between 23 and 60
• Earn more than €20,000 per year across all jobs
• Do not already pay into a pension through your employer

If you already have a qualifying workplace pension, MyFutureFund will not apply. If you are unsure, your HR or payroll team should be able to confirm your position.

Can I Opt Out?

Yes. You can opt out after you have been in the scheme for a set period, usually after the first six months. If you opt out, your own contributions will stop. There will be rules about what happens to the money already contributed, which will be confirmed closer to launch.

Even if you opt out, you will be automatically re-enrolled every two years if you still meet the criteria. At that point you can choose again to stay in or opt out.

How Much Will Come Out Of My Pay?

In the early years, contributions are relatively low. As a simple example:

• On a €25,000 salary in years 1 to 3, your contribution at 1.5% would be €375 per year, just over €7 per week
• On a €40,000 salary in years 1 to 3, your contribution would be €600 per year, a little over €11 per week

Your employer will match these amounts and the State will add its top-up. Over time, both your contribution and your employer’s contribution will rise in line with the planned increases.

How Is MyFutureFund Different From PRSI?

PRSI is a social insurance contribution that funds a range of State benefits, including the State Pension. It is not a personal investment account and is not linked directly to how much you pay in.

MyFutureFund is separate. It is a personal retirement savings arrangement in your name. The money invested is specifically for your retirement fund, and the value you build up will depend on how much you and your employer contribute, the State top-up, and investment performance over time.

What Happens If I Change Job?

Your MyFutureFund account will move with you. It is not tied to one employer. If you change jobs and your new role meets the eligibility criteria, contributions will continue from your new employer.

This portability is one of the advantages of a State-run auto-enrolment system. You will not have to start from scratch each time you move company.

What If I Already Have A Private Pension?

If you have a private pension or Personal Retirement Savings Account (PRSA) that you pay into directly, MyFutureFund may still apply if you do not have a pension through payroll. In that case, you will need to consider whether staying in MyFutureFund, using your private arrangement, or combining approaches is best for you.

This can be a good time to review your overall retirement planning. Speaking to a regulated financial advisor can help you understand your options. You can get in touch with us if you would like to discuss your situation.

Is MyFutureFund Right For Higher Earners?

For many lower and mid earners, the State top-up and employer contribution make MyFutureFund a strong starting point. Higher earners who have access to personal pensions or company schemes with higher tax relief may have more decisions to make.

In those cases, it is worth comparing the benefits of MyFutureFund with other pension options. The right answer will depend on income level, existing arrangements and long-term goals. Our advisors can help you compare the choices in plain English.

Planning For Today, Tomorrow And The Unexpected

We believe that good financial planning should feel manageable, not overwhelming. MyFutureFund is one piece of the wider retirement puzzle. Understanding where it fits can help you make better decisions for yourself or for your business.

Whether you are an employer preparing for auto-enrolment or an employee trying to make sense of the changes, we are here to support you with clear, honest advice.

You can learn more about our workplace support on our Financial Wellbeing for Workplaces page, or contact us to start the conversation.