MyFutureFund scheme update

October 21, 2025

As part of Budget 2026 the Government has provided €154m to cover its contributions to the retirement savings of workers under the new MyFutureFund scheme. From 1st January employees aged over 22 and earning the equivalent of, or more than, €20,000 p.a. and who are not already contributing via their payroll to a retirement savings scheme will be automatically enrolled into the new state sponsored MyFutureFund retirement savings scheme.

Under the scheme employees will pay 1.5% of their gross income into a personal retirement savings fund, employers will be obliged to match this contribution and the State will also pay a contribution of 0.5%. Over a period of 10 years the contribution rates will increase to 6% from the employee and the employer and 2% from the State.

In practical terms what it means is that, for every €3 a worker saves, the employer will add €3, and the State will add a further €1 turning a €3 contribution by the employee into savings of €7. The employee can then choose to invest these savings into one of three - high, moderate or low risk – investment funds. The accumulated savings plus the investment returns will then be available to the employee when they reach pension age and will help them to increase their retirement income.

An employee who does not want to be a part of the MyFutureFund scheme can opt-out after six months and their personal contributions will be returned to them. Where they remain enrolled, they may opt to suspend contributions at any time in which case the contributions already made will remain invested in the fund. They can then restart contributions at any time.

To provide guidance and information to employers the Department of Social Protection has already run a large number of free information webinars attended by thousands of employers. Employers who haven’t already attended can still register - the next webinars will take place on the 5th/6th of November with registration available at:

For any questions on this topic, please contact SFA HR Executive, Zaynab Lawal.