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== See also == |
== See also == |
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*[[Pensions in the Republic of Ireland]] |
*[[Pensions in the Republic of Ireland]] |
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*[[Pensions in the United Kingdom]] |
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==References== |
==References== |
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Latest revision as of 13:27, 12 December 2025
Pension system in Ireland
Auto-enrolment in the Republic of Ireland (short for Automatic enrolment) and formally named My Future Fund, is a scheme similar to in other developed countries to provide private pensions for employed persons within the state to supplement the state pensions system and private an easier and cheaper way of contributing outside of other pension products such as a Personal Retirement Savings Account when an employer does not have an occupational pension scheme.
This occurs by way of a non tax-deductible contribution of a percentage of an employee’s income, usually along with an equal monetary contribution from the employer and a smaller prescribed percentage contribution from the government.
The scheme officially commenced in July 2024, when automatic enrolment legislation was enacted by way of the Automatic Enrolment Retirement Savings System Bill 2024 which was passed through the Dáil by minister Heather Humphreys.
The scheme will be overseen by the National Automatic Enrolment Retirement Savings Authority (NAERSA) and Tata Consultancy Services was selected as the preferred bidder to run the system.[1][2]
The system commences on 1 January 2026 with employees between the age of 23 – 60, earning over €20,000 and not in a pension scheme will be automatically enrolled.[3] Workers can opt out between months 6-8 but will be automatically re-enrolled every 2 years if they meet the eligibility criteria.
The employer’s and government’s contribution are capped based on an annual gross salary of €80,000.[4]
The table below contains details of the mandatory contributions made relating to the percentage of the employee’s gross salary (before any tax is deducted by the Revenue Commissioners) over the course of the scheme.
| Year | Year (Band) | Employee contribution | Employer contribution | Government contribution |
|---|---|---|---|---|
| 2026 | Year 1-3 | 1.5% | 1.5% | 0.5% |
| 2027 | Year 1-3 | 1.5% | 1.5% | 0.5% |
| 2028 | Year 1-3 | 1.5% | 1.5% | 0.5% |
| 2029 | Year 4-6 | 3% | 3% | 1% |
| 2030 | Year 4-6 | 3% | 3% | 1% |
| 2031 | Year 4-6 | 3% | 3% | 1% |
| 2031 | Year 7-9 | 4.5% | 4.5% | 1.5% |
| 2032 | Year 7-9 | 4.5% | 4.5% | 1.5% |
| 2033 | Year 7-9 | 4.5% | 4.5% | 1.5% |
| 2034 | Year 10+ | 6% | 6% | 2% |
