New Retirement Savings Authority Formally Established Ahead of January Launch

Minister for Social Protection Dara Calleary has formally established the National Automatic Enrolment Retirement Savings Authority, paving the way for MyFutureFund to launch on 1 January 2026. The new scheme will give around 750,000 workers across Ireland, including thousands in Cork, access to quality assured retirement savings for the first time.

Minister Calleary, Minister for Social Protection, signed a commencement order today establishing NAERSA following the inaugural meeting of its board. He said:

"I am delighted today to formally establish NAERSA. This is a key milestone ahead of the introduction of MyFutureFund on the 1st of January 2026."

NAERSA will handle the bulk of administration for MyFutureFund, determining eligibility, enrolling employees, collecting contributions from workers, employers and the State, and managing investments. The authority will operate online portals for both employees and employers, with minimal paperwork required.

All employees not already in an occupational pension scheme, aged between 23 and 60 and earning over €20,000 across all employments, will be automatically enrolled. The scheme operates on an opt-out rather than opt-in basis, meaning eligible workers will be enrolled automatically but can choose to opt out after six months.

Contributions will start at 1.5% from both employer and employee, increasing every three years by 1.5% until reaching 6% by 2034. The State will top up contributions by €1 for every €3 saved by the employee, meaning every €3 contribution automatically grows to €7 before investment.

Employers will need to complete their profile on the employer portal and set up a payment method for contributions from December, a process expected to take around 10 minutes. Direct debit is the preferred method to ensure compliance.

Minister Calleary added:

"Importantly, NAERSA will handle most of the administrative work of MyFutureFund, which will ease the burden on employers and payroll providers. There will be little for employers to do and very little administrative cost for them."

The Department of Social Protection has issued a warning after learning some employers are incorrectly informing staff they must join an employer sponsored pension scheme before the end of 2026. The Department clarified no such legal obligation exists.

Employees being advised they must join an employer scheme should check if this is a condition of their employment contract. If not, they should carefully consider whether the employer scheme offers more beneficial terms than MyFutureFund before making a decision.

The Minister warned that it is an offence for employers to hinder or attempt to hinder an employee from participating in MyFutureFund. Any cases where employees are illegally prevented from accessing the scheme will be fully investigated.

NAERSA will be led by CEO Dermot Griffin, former CEO of the National Lottery, with Roma Burke, a partner and consulting actuary with Lane Clark & Peacock Ireland, serving as chair of the board.

The board includes Professor Alan Barrett from the ESRI, Tony Donohoe, former senior policy adviser on pensions at IBEC, Patricia King, former general secretary of the Irish Congress of Trade Unions, Brian Murphy, chartered accountant and former chief of staff to the Taoiseach, Dr Orlaigh Quinn, former secretary general of the Department of Enterprise, Trade and Employment, and Mary Walsh, former partner at PwC.

Detailed information about MyFutureFund is available at www.gov.ie/ae.