Are You Eligible?
You are automatically enrolled into My Future Fund if all three apply:
- You are aged between 23 and 60
- You earn €20,000 or more per year
- You are not currently paying into a pension through payroll
Source: Citizens Information — Auto-enrolment.
How Much Goes In?
For every €3 you contribute, €7 goes into your retirement pot. Here's how that breaks down:
| Year | You | Employer | State | Total (% of salary) |
|---|---|---|---|---|
| Year 1 (2026) | 1.5% | 1.5% | 0.5% | 3.5% |
| Year 4 | 3% | 3% | 1% | 7% |
| Year 7 | 4.5% | 4.5% | 1.5% | 10.5% |
| Year 10 (2035) | 6% | 6% | 2% | 14% |
Stay In or Opt Out? The Key Trade-Off
The most important thing to understand: auto-enrolment does NOT work the same way as a PRSA or occupational pension for income-tax relief.
- In a PRSA or personal pension: your contribution is deducted from your income before income tax. If you're a higher-rate taxpayer, a €100 contribution effectively costs you €60 out of pocket (40% tax relief).
- In My Future Fund: contributions are made from post-tax income, with the state top-up (€1 for every €3) structured as a direct addition rather than a tax refund.
For many higher-rate taxpayers, contributing the same amount into a PRSA gives a larger effective return because of the 40% income tax relief. For lower-rate taxpayers, My Future Fund is often comparable or better.
Can You Opt Out?
Yes, you can opt out — but the rules are structured to nudge you to stay in:
- You cannot opt out until at least 6 months after enrolment
- If you opt out, you receive a refund of your own contributions made to date
- Your employer's contributions and the state top-up remain in the fund, not returned to you
- You will be re-enrolled automatically every 2 years unless you've set up another qualifying pension
Alternatives
If auto-enrolment isn't right for you, the most common alternatives are:
- PRSA (Personal Retirement Savings Account) — the most flexible. See our PRSA guide.
- Occupational pension — if your employer offers one. Often better terms than AE.
- Personal pension — if you're self-employed. See self-employed options.
What Action Do You Need to Take?
- If you do nothing: you will be enrolled automatically if eligible
- If you want to opt out: wait 6 months from your enrolment date, then contact My Future Fund directly via the official portal
- If you want to set up a PRSA instead: speak to a Central Bank regulated advisor first — see our advisor directory
Not sure whether to stay in or opt out?
This is exactly the kind of decision where 20 minutes with a Central Bank regulated advisor will save you thousands over a career. We'll match you with one — free, commitment-free.
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