Big changes are coming to Ireland’s pension landscape! On the 30th of September 2025, the country’s first automatic enrolment retirement savings system, My Future Fund, will officially launch. This initiative, overseen by the National Automatic Enrolment Retirement Savings Authority (NAERSA), will bring approximately 800,000 employees into the pension system via payroll software.
What is My Future Fund?
My Future Fund is designed to help employees build their retirement savings effortlessly. Under this system, eligible employees will be automatically enrolled in a pension scheme, with contributions coming from employees, employers, and the State.
Who is Eligible?
Employees aged between 23 and 60 who earn €20,000 or more per year will be automatically enrolled. This ensures a broad coverage for workers who may not yet have pension savings in place.
Employer Responsibilities
As an accountant or employer, understanding your role in the My Future Fund system is crucial. The good news is that NAERSA will handle much of the administrative burden. Key employer responsibilities include:
- Ensuring payroll systems are integrated with auto-enrolment procedures.
- Contributing alongside employees and the State.
- Staying informed about contribution rates and compliance requirements.
Payroll Integration & Minimal Admin
A key feature of My Future Fund is its seamless payroll integration. NAERSA will oversee the enrolment process and manage contributions, keeping administrative work to a minimum for employers.
Why This Matters for Accountants
For accountants working with SMEs, this reform represents a significant shift in payroll management. Understanding auto-enrolment will help you guide your clients through the transition smoothly.
Join Our Auto-Enrolment Webinar
To help accountants and employers prepare for these changes, CPDStore is hosting an informative webinar with the Department of Social Protection. This session will cover:
- How My Future Fund works
- Employer responsibilities & contribution rates
- Managing auto-enrolment through payroll
Webinar Details:
- Date: 8th April 2025
- Time: 11:30 AM
- Location: Online
- Fee: €38 (or free for CPD Club members with unlimited CPD courses)
Secure your spot today! Register now to ensure you and your clients are well-prepared for auto-enrolment.
The contents of this article are meant as a guide only and are not a substitute for professional advice. The author/s accept no responsibility for any action taken, or refrained from, as a result of the material contained in this document. Specific advice should be obtained before acting or refraining from acting, in connection with the matters dealt with in this article. The information at the time of publishing was accurate and could be subject to final changes.
