Auto-enrolment Pension – My Future Fund
Auto-enrolment Pension – My Future Fund – due to commence 1st of January 2026
Auto-enrolment is a new pension savings scheme for certain employees who are not already paying into a pension. They will be automatically included in the scheme once they meet certain requirements, but can opt out after 6 months. It has been set up to provide a retirement plan for people without a work or private pension, to save for retirement.
The introduction of the Auto-Enrolment Retirement Savings Scheme, called My Future Fund, will start from 1 January 2026.
Under the scheme, the employee, employer, and Government all pay a certain amount into the employee’s pension fund.
You will be automatically enrolled in the new pension scheme if you are an employee and:
- You are aged between 23 and 60
- You are not currently part of a pension plan
- You earn €20,000 or more per year
If you previously contributed to a pension but now do not, and you meet the other conditions, you will be automatically enrolled.
If you earn less than €20,000 per year, or you are not aged between 23 and 60, you can choose to join the pension scheme if you are not already part of a pension plan.
You will not be enrolled in the new auto-enrolment scheme if you are already paying into a pension plan and contributions are being deducted at source through your payslip.
Whether auto-enrolment or a personal pension is better for you, depends on your situation and circumstances.
You should review your personal pension and compare it with the benefits of auto-enrolment, to see what works best for you.
If you are a higher rate payer, we would strongly recommend that you seek Financial Advice.
If you wish to discuss any of the above, please feel to contact us about our complimentary financial review, by phoning us on 0818 212931 or emailing us at financialplans@wmcu.ie.
West – Midlands Credit Union Ltd. is regulated by the Central Bank of Ireland.