Ireland’s automatic enrolment pension scheme will be known as My Future Fund, according to reports.

The new pension system, which has faced a series of delays, is set to launch on 30 September 2025 after the start date was confirmed in the Irish Budget 2025 last week.

According to the Irish Independent, the Department for Social Protection (DSP) said the name would be easy to remember and it reflects the purpose of the scheme – to save and invest for the future – while highlighting that the savings will be the personal property of the member.

Minister for Social Protection, Heather Humphreys, was quoted saying: “My Future Fund, the new name for auto-enrolment, will help hundreds of thousands of hard-working people save for their futures with the support of employers and the State. By ensuring people have more money when they retire, we are investing in the future of Ireland and in the people living and working here.”

Under the scheme, people aged between 23 and 60 who do not have a pension scheme and are earning more than €20,000 a year will be auto-enrolled into the new system. For every €3 a worker puts into their auto-enrolment pension scheme, their employer will also contribute €3 and the state will top it up by €1.

Contribution rates will increase gradually as the scheme progresses, with employees contributing 1.5 per cent of their gross salary during the first three years of enrolment. This will rise to 3 per cent from the fourth year, to 4.5 per cent from the seventh year, before reaching the top employee contribution rate of 6 per cent from the 10th year. Employer and state contributions rise in line with this, resulting in total contributions of 14 per cent of an employee’s gross salary from the 10th year onwards.

However, the pensions industry has been critical of the lack of communication about the scheme and timings. The Irish Association of Pension Funds (IAPF) CEO, Jerry Moriarty, recently said it was positive to be told of a start date that seems more realistic. However, he believes that the DSP still needs to publish a detailed plan and timetable.

“It would still be helpful to see a detailed plan and timetable of the steps that need to happen such as the appointment of the administrator, tender issued for investment managers, setting up of the National Automatic Enrolment Retirement Savings Authority (NAERSA) and a comprehensive communications plan ahead of the start date. In particular, there needs to be more engagement with existing schemes to ensure a smooth introduction that doesn’t undermine existing provision,” he told European Pensions at the time.

The legislation for the scheme, the Automatic Enrolment Retirement Savings System Act 2024, has been passed by both Houses of the Oireachtas and enacted. In addition, Tata Consultancy Services, which administers Nest in the UK, has been selected as the preferred bidder to administer the AE system.

The department is now working on establishing the National Automatic Enrolment Retirement Savings Authority (NAERSA) and the procurement of investment managers.

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