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The new government pension scheme comes into effect on 1 January. Alamy Stock Photo
new pension scheme
Fewer than half of employers have signed up for auto-enrolment pensions so far
The new scheme kicks off next month.
THE EMPLOYERS OF over 300,000 workers have signed up for the auto-enrolment pension scheme in the first week of registration opening.
However, with 771,000 employees initially eligible for enrolment in the My Future Fund scheme, that means less than half are logged on the registration portal just three weeks out from the new scheme launching.
Minister Dara Calleary updated Cabinet on the progress to date yesterday, ahead of payslip and employer contributions starting from 1 January 2026.
Around 24,400 employers have registered on the pension portal.
He also asked the government to note the fee structure for the National Automatic Enrolment Retirement Savings Authority.
A fixed amount of 55 cents per week per participant (with CPI aligned increases projected each five years) will be charged to employees to cover the set-up and operational costs of the overseeing authority.
The fee was signed off on by the Department of Public Expenditure, which will amount to just over €28 per year.
Retirement
My Future Fund will provide access to a retirement savings scheme to those who otherwise would not have pension coverage outside of the State Pension.
Enrolment for eligible staff is handled automatically, meaning that employees don’t need to do anything to begin saving for their retirement.
It guarantees employer matching contributions as well as a top-up paid at a rate of €1 for every €3 contributed by the employee.
The legislation governing the new auto-enrolment scheme sets out that employers may face fines of up to €50,000 and imprisonment for breaching the rules around the My Future Fund.
The portal, which was recently launched, provides employers with the platform to complete their profile and choose a payment method in advance of the start date of January 2026.
Social Protection Minister Dara Calleary said at the launch of the portal at the beginning of December that employers have been given “sufficient time” to complete their profiles in advance of the commencement of the scheme on 1 January.
“Completing your company profile on the portal will only take around five minutes and is essential to ensure that all steps are completed in order for your company to be in compliance with the scheme,” he said at the time.
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