Starting September 30, 2025, hundreds of thousands of Irish workers will begin saving for their retirement through a new program called “My Future Fund.” This automatic savings plan, announced by Minister for Social Protection Heather Humphreys, aims to boost retirement savings for those who don’t already have a workplace pension.
Under the new system, eligible workers aged 23 to 60 earning at least €20,000 per year will be automatically enrolled. Contributions will start small, with both employees and employers paying just 1.5% of the worker’s salary. This amount will gradually increase over the next decade. To sweeten the deal, the government will add €1 for every €3 the worker saves.
“This is a game-changer for Irish workers,” said Minister Humphreys. “For many, it will be the first time they’ve had a way to save for retirement beyond the State Pension.”
Workers will have some flexibility in the program. They can opt out after six months if they choose, and their contributions will be refunded. However, the government hopes most will stay enrolled to build a nest egg for their future.
To run the program, the government is setting up a new agency called the National Automatic Enrolment Retirement Savings Authority (NAERSA). This agency will oversee the savings accounts and work with investment managers to grow the funds over time.
While September 2025 might seem far off, the government says this lead time is necessary. It gives employers, payroll systems, and workers time to prepare for the changes. In the meantime, a major information campaign will help explain how “My Future Fund” works and its benefits for Irish workers.
With this new program, Ireland joins other countries like the UK in using automatic enrollment to boost retirement savings. It’s a significant change to the pension landscape, one that the government hopes will lead to a more financially secure future for Irish workers.