The Department of Social Protection issued a press release last week with an update on the Automatic Enrolment Retirement Savings System, My Future Fund. Since its inception on 1 January 2026, at least 763,000 employees have been automatically enrolled in MyFutureFund, with over an additional 5,000 employees joining the scheme voluntarily. To date, more than €60 million in contributions has been invested across the scheme’s three contracted investment managers.
In the medium term, the Department of Social Protection has indicated that, in collaboration with National Automatic Retirement Savings Authority (NAERSA), it intends to develop policy positions on several areas. These include enabling Additional Voluntary Contributions, allowing transfers of existing pension pots into MyFutureFund, creating drawdown options for individuals reaching retirement age, and exploring the potential to extend the scheme to additional groups.
Commenting on the issue of the press release, Minister for Social Protection, Dara Calleary TD, said:
“My Future Fund is truly revolutionary in terms of pensions for Ireland. It will benefit so many hardworking people over the coming years and decades, making sure they have more money in retirement than they otherwise would.
This positive outcome is reflective of the huge effort made by my Department and other stakeholders in advance of the launch of MyFutureFund, including employers and payroll providers, and I’d like to thank all of those for their intense engagement and diligent cooperation with us over that time. I am extremely proud as Minister for Social Protection to have delivered this transformative change.”
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