Understanding Ireland’s Auto-Enrolment and the MyFutureFund Scheme: A Practical Guide for Employers
Ireland’s long-anticipated auto-enrolment pension framework, delivered through the MyFutureFund scheme, represents a significant development for employers of all sizes. Designed to expand pension coverage across the workforce, the scheme introduces new statutory obligations while also offering a structured, consistent approach to retirement saving.
For businesses, this change brings both compliance requirements and strategic opportunities. With careful planning and expert guidance, employers can integrate MyFutureFund smoothly into payroll and HR systems while ensuring cost efficiency and regulatory certainty.
What Is MyFutureFund?
MyFutureFund is Ireland’s new automatic enrolment retirement savings scheme. It is intended to provide a simple, accessible pension structure for employees who are not already participating in an occupational pension scheme or equivalent arrangement.
Under the scheme:
- Eligible employees are automatically enrolled.
- Contributions are made by the employee, the employer, and the State.
- Contributions are deducted directly through payroll.
- Participation increases gradually over time to allow for financial adjustment.
The central aim is to improve long-term retirement outcomes by embedding pension saving into everyday employment, reducing reliance on voluntary participation.
Employer Obligations: What Businesses Need to Know
The introduction of MyFutureFund creates several practical responsibilities for employers, including:
1. Employee Assessment and Enrolment
Employers must identify eligible staff based on age, income thresholds, and employment status, and ensure they are enrolled in the scheme within the prescribed timeframe.
2. Payroll Integration
Payroll systems must be configured to calculate, deduct, and remit pension contributions accurately and on schedule. For help with your company’s PAYE please consider our payroll tax services.
3. Employer Contributions
Employers are required to contribute alongside employees. Contribution rates are phased in gradually, enabling organisations to manage budget impact and cash flow planning.
4. Ongoing Compliance
Businesses must ensure consistent reporting, record keeping, and regulatory compliance, including managing opt-outs, re-enrolments, and employee communications.
Contribution Structure: A Balanced Approach
The scheme is designed around progressive contribution increases. This staged approach allows both employers and employees to adapt financially while building meaningful retirement savings over time.
Typically, contributions will include:
- Employee contributions, deducted at source
- Employer contributions, calculated as a percentage of salary
- State contributions, acting as a financial incentive
This tripartite structure helps distribute the cost burden while supporting sustainable pension growth.
Strategic Considerations for Businesses
While MyFutureFund introduces new compliance obligations, it also offers strategic advantages:
- Improved employee retention through enhanced benefits
- Greater workforce stability, driven by long-term financial security
- Simplified pension participation, especially for SMEs without existing schemes
- Clear regulatory framework, reducing uncertainty and administrative risk
For organisations already operating occupational pension schemes, a review of current arrangements may be required to ensure alignment with the new regulatory landscape.
How We Support Employers
As tax accountants operating in Dublin and Wicklow, we provide end-to-end guidance to help organisations implement MyFutureFund efficiently and compliantly.
Our services include:
- Employer eligibility assessments
- Payroll and systems integration support
- Contribution modelling and cost forecasting
- Pension scheme comparisons and optimisation
- Ongoing compliance and regulatory reporting
- Strategic pension planning for SMEs, corporates, and multinational businesses
Whether you are implementing auto-enrolment for the first time or reviewing existing pension arrangements, we offer tailored solutions aligned to your organisation’s structure, workforce profile, and financial objectives.
The rollout of MyFutureFund marks a structural shift in employment benefits and financial planning across Ireland. Early preparation allows businesses to avoid operational disruption, manage costs effectively, and maintain compliance with confidence.
With expert support, employers can transform regulatory obligation into a strategic advantage — strengthening employee engagement while ensuring long-term financial resilience.
For advice on how MyFutureFund will affect your organisation, or to discuss pension planning strategies tailored to your business, our team is available to assist.
