Have you been automatically enrolled in the new government retirement savings scheme?

While auto-enrolment (AE) was widely advertised throughout 2025, you may not have fully engaged with the pre-launch communications - busy year end periods, other priorities, or assumptions that AE only applies to certain groups can all mean messages were missed.

You may have seen initial information but didn’t connect it to your own situation until deductions appeared on your January payslip. Now, you may be surprised to discover that you have been auto enrolled into My Future Fund, the government retirement savings scheme.

Auto enrolment will benefit people in the long term: employer contributions, tax-free investment returns, state contributions and the power of compound growth. But seeing your first payroll deductions may prompt you to ask some questions.

What is My Future Fund?

My Future Fund is the new government retirement savings scheme that aims to ensure every worker has access to funds that support them in retirement. It was launched on January 1^st 2026, and is run by a new government body, the National Automatic Enrolment Retirement Savings Authority (NAERSA). If you are aged between 23 and 60, earning over €20,000 per annum and not contributing to a workplace pension via your payroll, then you will have been automatically enrolled. It does not apply to you if you are self-employed.

What’s new on your pay-slip

You, your employer and the government will contribute – starting at 1.5% of your gross earnings from both, plus a further 0.5% State top-up. So from January, you’ll see a new deduction on your pay-slip. Your employer contribution won’t affect your take-home pay but will show up on you My Future Fund record. These deductions start with this payslip and will continue every pay period unless you opt out. If you change jobs, your retirement savings go with you

Your options

Stay enrolled: You don’t need to do anything. Or opt out after six months, you can choose to leave the scheme and get a refund of your pension contributions.

Where to track your contributions

You can manage your savings into My Future Fund, by logging on to the online hub with your MyGovID.

It's generally considered more beneficial to join your company's existing pension scheme, if they have one in place, rather than relying solely on the auto-enrolment scheme, for a few reasons:

• Company pension schemes usually offer higher employer contributions compared to the minimum contribution requirements of the AE scheme.
• The State top up on auto-enrolment at a rate of €1 for every €3 of the employee contributions is the equivalent of a 25% tax relief. Other pension schemes such as PRSA (Personal Retirement Savings Account), private pensions and occupational pensions, will continue to be supported by tax relief, which can be 20% or 40% depending on your tax band/earning levels.
• Company pension schemes usually offer more flexible investment options.
• You will have access to financial advice and resources to ensure you are on track to meet your retirement goals.
• You may retire early from age 50 with the permission of your employer
• You can make additional contributions (within limits) and get tax relief on these contributions

Ask your employer if they offer a workplace pension scheme that is available for you to join, and if so, what are the contribution rates.

You can use our auto-enrolment calculator to compare My Future Fund with workplace pensions. Visit the Zurich employee auto enrolment hub or visit gov.ie to find out more about My Future Fund.

The information contained herein is based on Zurich Life’s understanding of current Revenue practice as at January 2026 and may change in the future.