You’ve spotted a new deduction on your payslip marked “AE” or “My Future Fund”, and you don’t remember signing up for anything. Don’t worry: it’s Ireland’s new auto-enrolment pension, and it’s doing exactly what it was set up to do. So, how does My Future Fund work? You pay 1.5% of your gross pay, your employer matches it, and the State adds a top-up worth a third of what you pay. Below we cover who gets enrolled, what it costs on a real salary, your opt-out rights and how to check your pot.
Key takeaways
- My Future Fund launched on 1 January 2026 and is run by NAERSA, the National Automatic Enrolment Retirement Savings Authority.
- You’re enrolled automatically if you’re aged 23 to 60, earn €20,000 or more a year across all your jobs, and have no pension being paid through payroll.
- From 2026 to 2028 you pay 1.5% of gross pay, your employer pays 1.5% and the State adds 0.5%.
- Contributions only apply to gross pay up to €80,000 a year.
- You can opt out only in months 7 and 8 after enrolment, and you get your own contributions back.
How does My Future Fund work for employees?
My Future Fund works by taking a fixed percentage of your gross pay through payroll every pay day, adding a matching employer contribution and a State top-up, and investing the total in a pot in your name until State Pension age, currently 66. You don’t apply. NAERSA enrols you using Revenue payroll data.
NAERSA looks back at up to 13 weeks of payroll information that your employer has already reported to Revenue. If you meet the rules, it tells your employer to start deductions, and your employer should tell you the date you were enrolled. There’s no waiting period once you qualify, but contributions aren’t backdated either.
One thing surprises a lot of people: according to gov.ie, contributions are calculated on gross pay but taken from net pay, after income tax, USC and PRSI. So there’s no tax relief like you’d get on a private pension. Instead, the State top-up adds €1 for every €3 you put in.
We’re hearing about this most from Dublin employees in hospitality, retail and younger tech companies who never had a work pension before.
In short: you pay, your employer matches, the State tops up, and the money is invested for your retirement.
Who gets automatically enrolled in My Future Fund?
You’re automatically enrolled in My Future Fund if you’re aged between 23 and 60, earn at least €20,000 a year from all your employments combined, and aren’t already in a workplace pension, PRSA, Retirement Annuity Contract or PEPP that’s paid through payroll. People outside those rules can usually opt in instead.
The €20,000 test counts all your jobs together. Two part-time jobs paying €12,000 each add up to €24,000, so you’d be enrolled even though neither job reaches €20,000 on its own.
A few details worth knowing:
- If you’re under 23, over 60 or earning under €20,000, you can choose to opt in.
- The self-employed can’t join, because the scheme only works through an employer’s payroll.
- If one of your jobs already deducts a pension through payroll, that job is exempt, but your other jobs can still count.
You can read the full employee rules on the government’s auto-enrolment page for employees.
How much does My Future Fund cost on my payslip?
In 2026, My Future Fund costs you 1.5% of your gross pay. On a €45,000 salary that’s €675 a year, or €56.25 a month. Your employer adds another €675 and the State adds €225, so €1,575 goes into your pot each year for €675 of your own money.
The rates rise in stages over the first ten years:
| Period | You pay | Employer pays | State adds | Total |
|---|---|---|---|---|
| 2026 to 2028 (years 1 to 3) | 1.5% | 1.5% | 0.5% | 3.5% |
| 2029 to 2031 (years 4 to 6) | 3% | 3% | 1% | 7% |
| 2032 to 2034 (years 7 to 9) | 4.5% | 4.5% | 1.5% | 10.5% |
| 2035 onwards (year 10+) | 6% | 6% | 2% | 14% |
And here’s what the 2026 rates mean in euro on a few typical salaries:
| Gross salary | You pay per year | Employer pays | State adds | Total into your pot |
|---|---|---|---|---|
| €25,000 | €375 | €375 | €125 | €875 |
| €45,000 | €675 | €675 | €225 | €1,575 |
| €80,000 | €1,200 | €1,200 | €400 | €2,800 |
| €100,000 | €1,200 | €1,200 | €400 | €2,800 |
The last two rows are the same because contributions stop at €80,000 of gross pay. Plenty of Dublin tech workers and senior staff earn above that, and they’ll see the deduction cap out.
Gross pay here means the pay your employer reports to Revenue, so bonuses, overtime, holiday pay and sick pay all count. If you want to understand the other lines on your payslip too, our guide to USC rates and what USC means for you in 2026 walks through them.
If your payslip looks wrong for another reason, like emergency tax or missing tax credits, our tax services for individuals and businesses in Ireland can check it for you.
Can I opt out of My Future Fund and get my money back?
Yes, but only at set times. You can opt out of My Future Fund during months 7 and 8 after you’re enrolled. NAERSA refunds your own contributions, but your employer’s and the State’s contributions stay in your pot until you reach 66. If you still qualify, you’ll be re-enrolled automatically after two years.
There’s also a second option. After the first six months you can suspend contributions for between one and two years. Nothing is refunded if you suspend, and you can’t restart before a year has passed.
Is it worth staying in? That’s your call. But the maths is simple: in 2026, €675 of your own money on a €45,000 salary turns into €1,575 in your pot. That’s €900 extra, or 133% on top of what you paid, before any investment growth. Savings aren’t guaranteed by the Government, so the value can go down as well as up.
In short: you can opt out, but only in the window, and you only get your own money back.
How do I check my My Future Fund account?
You check your My Future Fund account by logging in to the NAERSA employee portal at myfuturefund.ie with your MyGovID. There you can see your own contributions, your employer’s and the State’s top-ups, investment returns and fees, and you can change your investment option, opt out or suspend.
Here’s how to check everything lines up:
- Log in at myfuturefund.ie with a verified MyGovID.
- Check the enrolment date matches the first payslip showing the deduction.
- Compare the contributions shown with the amounts on your recent payslips.
- Leave your money in the default lifecycle strategy, which moves to lower risk as you approach 66, or pick a low, medium or high-risk option.
If a deduction appears on your payslip but not in your account, talk to your employer’s payroll team first. NAERSA’s contact centre is on 01 568 9555.
What happens to My Future Fund when I change jobs?
Your My Future Fund pot follows you. It’s held by NAERSA in your name, not by your employer. So if you move from a job in Dublin to one in Cork, or anywhere else in Ireland, your new employer simply carries on the contributions as long as you still qualify.
A few more rules from gov.ie:
- Payments start at State Pension age, currently 66, and early access is only allowed for ill-health retirement.
- In the early years, your pot is paid out as a lump sum.
- If you die before retirement, your pot forms part of your estate.
- It doesn’t affect your State Pension (Contributory).
Getting help in Dublin, Cork and across Ireland
Fuchsia Bell is a firm of chartered accountants based in Castlemaine, Co. Kerry, run by Gero O’Connor. We work online with employees and employers right across the country, including clients in Dublin, Cork and Wexford. If you’re in the capital, our chartered accountants in Dublin can look at your payslip, tax credits and pension questions together. Down south, our accountants for Cork clients do the same.
If you run a business yourself, our My Future Fund employer guide covers your side of the scheme, and our payroll solutions for Irish employers can take the deductions off your hands. Gero also answers common Irish tax questions on his own website.
Frequently Asked Questions
Is My Future Fund compulsory in Ireland?
No. Enrolment is automatic if you qualify, but staying in isn’t compulsory. You can opt out in months 7 and 8 after you’re enrolled and get your own contributions refunded, or you can suspend contributions for one to two years after the first six months. If you still qualify, you’ll be re-enrolled after two years.
Do I get tax relief on My Future Fund contributions?
No. Your contributions are taken from net pay, after income tax, USC and PRSI have been deducted. Instead of tax relief, the State adds a top-up of €1 for every €3 you contribute. In 2026 that’s 0.5% of your gross pay, on top of your own 1.5% and your employer’s 1.5%.
What if I already have a pension at work?
If your employer already deducts pension contributions for you through payroll, that job is exempt from auto-enrolment and you can’t opt in for it. A pension you pay into privately, outside payroll, doesn’t count for this test. If you have a second job with no pension, that job can still lead to enrolment.
Can I pay more than 1.5% into My Future Fund?
No. The rates are fixed by law, so neither you nor your employer can pay more or less. In 2026 it’s 1.5% from you, 1.5% from your employer and 0.5% from the State. If you want to save more for retirement, you’d need a separate pension, such as a PRSA.
When will My Future Fund contributions go up?
The first increase is due in 2029, the fourth year of the scheme. Employee and employer rates rise to 3% each and the State top-up rises to 1%. Further increases follow in 2032 and 2035, when the total reaches 14% of gross pay. You’ll get a chance to opt out after each increase.
Talk to us about your payslip
Not sure your deductions are right, or how auto-enrolment fits with your other pensions and tax credits? You don’t need to have it all figured out. Just send us your question through our contact page and we’ll tell you where you stand.
