763,000 employees; 104,000 employers, €60 million so far

[Dave Vanian]

Almost 770,000 employees enrolled in MyFutureFund

Over 763,000 employees working for 104,000 employers have been automatically enrolled in MyFutureFund since its launch on 1st January 2026, according to the latest figures from the Department of Social Protection.

www.rte.ie

Over 763,000 employees working for 104,000 employers have been automatically enrolled in MyFutureFund since its launch on January 1, 2026, according to the latest figures from the Department of Social Protection.

 

[ClubMan]

This is interesting but, I guess, minor in the greater scheme of things:

Over 5,000 employees have applied to join the pension scheme voluntarily.

My Future Fund

www.gov.ie

It will also allow people who are not automatically enrolled (e.g., those under age 23 or over 60 or earning less than €5,000 in a 13-week period) to voluntarily opt-in if they are not already contributing to an alternative pension arrangement that is exempt.

 

[Duke of Marmalade]

It is on the face of it a fantastic success and all concerned deserve fulsome congratulations.
The figure of 763,000 is right up there with their projections and seems to indicate that the "avoid AE" campaign had very little impact. I note that the average ratio of employee to employer is 7.3 to 1 which is similar to the UK NEST's 8 to 1. I work out that if €60m has been contributed so far this is 3.5% of €1.7bn corresponding to average earnings between 763,000 employees of €2,247 Over what period?: 4 weeks implies average annual earnings per employee of €29,211. These compare with the DSP's forecast of (I think) €40,000 and are closer to NEST's average earnings of £24,000.

The DSP internal projections said that 20% of those auto-enrolled would be higher rate taxpayers. That might be a bit overstated, perhaps reflecting some effect of the avoid AE campaign which focussed on the fact that 40% taxpayers only got half the incentive in MFF than in a company scheme or PRSA.

An internal DSP paper following the strawman consultation in 2020 and disclosed under FOI succinctly stated the risks as follows

one could envisage that there would be significant pushback if individuals were ‘unknowingly’ defaulted into a system which was ‘knowingly’ less attractive to them on the basis of financial incentives

For example someone earning say €60k p.a. might over 30 years contribute €90k. They would have received €30k worth of 1 for 3 cherries but twice that if the incentive was 40% tax relief.

 

[TRS30]

Another dip into private pension funds on the cards?

 

[balders93]

@Duke of Marmalade People can opt-out of MFF at any time by joining a qualifying pension scheme through payroll.

If a 40% rate payer was not in a workplace scheme, got enrolled into MFF, and then still did not at any point choose to take the private option at any point in the future, I don't see how they'd have a case for redress?

 

[Towger]

The 60M is money invested. NAERSA are not as fast as their said they would be at collecting and investing money and there are still issues with employers not setting up their payment details. So probably ~4/5 weeks worth of contributions. The average annual earnings is probably closer to your €68,146. Not surprising, as those earning less than 5,000 in previous 13 weeks (20,000 a year) have not been AE'ed,

CSO Average weekly earnings is 1003.81 : https://www.cso.ie/en/releasesandpu...urcostsq22025finalq32025preliminaryestimates/

 

[JoeRoberts]

Does the 60m not inlcude the govt and employer element ?

 

[Duke of Marmalade]

Does the 60m not inlcude the govt and employer element ?

Ooops! I think it does. That changes things and I have accordingly adjusted the original post.

 

[Duke of Marmalade]

People can opt-out of MFF at any time by joining a qualifying pension scheme through payroll.

Agreed but the opt-out window with return of employee contributions is in 6 months.

I don't see how they'd have a case for redress?

Certainly no legal case but perhaps a political one - that internal DSP paper certainly thought there was that danger.

 

[ACER10]

Before there was no pension linked to SEC work for teachers. It was Gross, less PRSI, USC etc, however since this year My Future Fund payment also came out.
(State exams Commission - superintending exams for JC/ LC and practical exams / Orals / correcting.)

 

[ClubMan]

Agreed but the opt-out window with return of employee contributions is in 6 months.

Almost 30,000 people opt out of State’s auto-enrolment pension scheme

Figure represents less than 4% of those enrolled and significantly below global levels, says Minister

www.irishtimes.com

Known as MyFutureFund, it began on January 1st this year and currently has more than 835,000 participants, working for approximately 115,000 employers.
...
In reply to a parliamentary question from Fianna Fáil TD John McGuinness, the Minister said the rate of opt-out was substantially below international comparators such as the United Kingdom, where the rate was approximately 10 per cent and New Zealand at about 12 per cent.

McGuinness welcomed the low opt-out rate as a good outcome and said people seem to accept the need for the fund. He called for those who withdrew to be interviewed to establish their reasons in an attempt to see what action could be taken to drive the positive momentum further.