Further Milestones Reached - ‘My Future Fund’: the Automatic Enrolment Retirement Savings System

• Preferred bidders of investment services procurement competition announced
• CEO and Board Member positions in NAERSA (National Automatic Enrolment Retirement Savings Authority) advertised
• Co-location between Letterkenny, Co. Donegal and Dublin

Further milestones have been reached in the implementation of ‘My Future Fund’ – the automatic enrolment retirement savings system due to launch early next year.

With the advertising of the positions of Chief Executive of NAERSA - the new National Automatic Enrolment Retirement Savings Authority - as well as its Board Members, the formal establishment of the new Authority is well underway.

Published by the Public Appointments Service (PAS) on behalf of the Top-Level Appointments Committee (TLAC), the position of CEO will be filled through an open competition with a salary set at Deputy Secretary General level in the civil service.

It is expected that the CEO will be appointed by early autumn.

Separately, between five and eight Board Member positions will be filled in line with the State Boards process.

Commenting today, Minister Dara Calleary said:

“This represents an exciting opportunity for a dynamic and talented person to provide strategic leadership within the organisation responsible for administering this innovative, landmark initiative. In a context that will have a deep and lasting impact on the nation, the Chief Executive will, alongside the Board of NAERSA, set the tone and strategic direction of the Authority and will be responsible for ensuring the success of ‘My Future Fund’ in its initial years.”

As part of the Department of Social Protection and the Government’s continued commitment to balanced regional development, the CEO role will be based primarily in Letterkenny, Co. Donegal. This will also support the Department’s close working relationship with Tata Consultancy Services (TCS), the contracted managed service provider of the scheme, who are also based in Letterkenny. The Board members are expected to meet periodically in Dublin and Donegal.

The Minister added:

“It is important that Government leads by example when it comes to regional development. By basing the CEO of NAERSA, a role of real national importance, as well as NAERSA support staff in Co. Donegal, we are demonstrating our ongoing commitment to balanced regional development.”

In a further milestone announcement, the names of the successful bidders for NAERSA’s investment management services contracts have been released. The preferred bidders are: Irish Life Investment Managers, Amundi and Blackrock.

It is expected these companies will complete contract negotiations this summer, well in advance of the commencement of My Future Fund in January.

Minister Calleary noted:

“My Future Fund is a transformative initiative that will revolutionise how people save for their retirement. This is a landmark policy and these investment management companies, who have been selected after a competitive procurement process, will play a huge role in ensuring that My Future Fund is a success and represents good value for money for all future participants.”

Notes for Editors

More information on the advertised role of CEO, as well as the candidate booklet, can be found at Chief Executive Officer, National Auto Enrolment Retirement Savings Authority (NAERSA) - publicjobs. The closing date for applications is 29th May 2025.

More information on the advertised positions of Board Member of NAERSA can be found at Appointments to the National Automatic Enrolment Retirement Savings Authority (NAERSA) | Minister for Social Protection - publicjobs.ie. The closing date for applications is 6th June 2025.

A range of communications resources on auto-enrolment/’My Future Fund’ more generally are available on gov.ie - Auto-enrolment (www.gov.ie), alongside informational videos on Auto-enrolment explained - YouTube.

Key features of the My Future Fund scheme include:

1) Phased Implementation

• All employees not already in an occupational pension scheme, aged between 23 and 60 and earning over €20,000 across all of their employments, will be automatically enrolled.
• With the first enrolments set to happen at the beginning of next year, the introduction of My Future Fund will be gradually phased in over a decade, with both employer and employee contributions starting at 1.5%, and increasing every three years by 1.5% until they eventually reach 6% by Year 10 (2035). This steady phasing allows time for both employers and employees to adjust to the new system.

2) Saving Supports

• Matching contributions will be made by employers to those contributions made by employees. This recognises the value employers gain through their employees having additional security in retirement and assists employees with the cost of accumulating pension savings.
• The State will also top up contributions by €1 for every €3 saved by the employee. This is in addition to the €3 that will also be contributed by the employer.
• This means that for every €3 saved by an employee, a further €4 will be contributed to their pension pots by their employer and the State – that is every €3 contribution by an employee automatically grows to €7 before it is invested.
• These employer and State contributions will incentivise people to stay in My Future Fund and will reduce the cost to individuals of saving for retirement.
• Contributions will cease from the next payroll after an employee’s total gross earnings exceed €80,000.

3) Choice

• The system will be voluntary but will operate on an ‘opt-out’ rather than an ‘opt-in’ basis.
• Eligible employees will be automatically enrolled/‘opted-in’ but will have the choice after six months participation to opt-out or suspend participation.
• Employees will have a range of three retirement savings strategies with different risk/return profiles to choose from.
• Where employees do not exercise choice, a default strategy based on what is known as a ‘life-style’/’life-cycle’ investment profile will be provided.

4) Simplicity

• Administrative costs and burdens are to be kept to an absolute minimum for both employers and employees through the establishment of NAERSA to administer the system.
• Employers will not have to invest in the establishment or procurement of an occupational scheme for their own business. They will simply be required to facilitate payroll deductions and transfer the applicable contribution amount.
• Importantly, people moving between jobs will not have to change pension scheme or join a new scheme. They will remain members of the My Future Fund on a ‘pot-follows the member’ basis. In addition, people with multiple employments will have their pension savings consolidated into one ‘pensions-pot’.
• Services will be provided and supported through an easy-to-use online channel where participants will see their savings pots grow quickly and substantively.