Can I opt out of My Future Fund?

Yes, but not straight away — there is a set window after enrolment before you can leave, and if you do opt out you are automatically re-enrolled again later. It is worth understanding what you would be opting out of, and what you would put in its place, before treating it as a decision about the deduction alone.

How much comes out of my pay for the auto-enrolment pension?

It starts at 1.5% of your gross earnings and rises in three-year steps to 3%, then 4.5%, then 6% from year ten. Your employer matches whatever you pay, and the State adds a third on top of your own contribution. The full schedule, with the calendar years each rate applies from, is in the table above.

Does my employer have to pay in as well?

Yes. Employer participation is not optional — they match your contribution rate euro for euro, on earnings up to €80,000 a year, and face fines and repayment with interest if they do not. That employer match is money you only get by being in the scheme; it does not follow you to a personal pension you set up yourself.

Do I get tax relief on My Future Fund contributions?

No — and that is the single thing most often misunderstood about the scheme. Personal pension contributions attract income tax relief at your marginal rate, 20% or 40%. My Future Fund contributions attract none. Instead the State pays €1 for every €3 you put in, which works out at 25% of the total. That is better than relief at the standard rate and worse than relief at the higher rate, which is why the rate of tax you pay changes the arithmetic.

Can I opt in if I have not been enrolled automatically?

Usually yes. If you are outside the age band or under the earnings threshold, you can still choose to join provided you are an employee, aged over 18 and under 66, and not already paying into a pension through payroll. You do it through the My Future Fund portal or a form from myfuturefund.ie, and your employer then has to contribute for you on the same terms as anyone enrolled automatically.

I have just started a new job. When will I be enrolled?

Enrolment is driven by payroll data reported to Revenue rather than by anything you fill in, so it follows your earnings once you are being paid. If the new job puts you over the thresholds and you are not in a qualifying scheme through that payroll, you will be brought in without having to apply. If you were already in the scheme, the pot follows you.

Is My Future Fund better than a PRSA?

They work differently rather than one being universally better. The comparison table above sets them side by side: the State top-up is worth about the same as relief at 25%, so it compares well at the standard rate and less well at the higher rate, while the employer contribution sits on My Future Fund's side. Which comes out ahead depends on your own position.

I already have a pension — why have I been enrolled?

You should not have been, if your existing scheme qualifies. Enrolment is run centrally from payroll data reported to Revenue, so if you are in a qualifying scheme and have still been enrolled, that is worth raising with your employer's payroll team. If the pension you are thinking of is a dormant one from a previous job, it may not count as a qualifying scheme.

I am self-employed. Am I in My Future Fund?

No. Auto-enrolment applies to employees, so the self-employed and proprietary company directors are outside it. That is not a gap you need to fill with this particular scheme — the pension structures available to you have considerably higher contribution limits — but it does mean nothing has happened automatically on your behalf.

What happens to the money if I change job?

The pot is yours and follows you rather than belonging to a particular employer. If your new job puts you back into scope you continue contributing; if you join a qualifying occupational scheme instead, that takes over. The accumulated fund stays invested for your retirement either way.

Do I need financial advice for this?

Most people who are in the scheme, paying tax at the standard rate, and have no other pension arrangements do not need to do anything. It is worth a conversation if you pay tax at the higher rate, if you have pensions from previous jobs, if you are a director or self-employed, or if you are close enough to retirement that the phasing schedule matters to you.

My Future Fund: what it actually means for your pay packet

Ireland's auto-enrolment scheme started in January 2026, and most eligible employees were signed up without doing anything. Here is what is happening to your money — and the one question worth asking before you decide it is fine as it is.

See if the default suits you Call us: 087 148 9171

Colleagues talking over coffee at work, where auto-enrolment applies

Ages enrolled: 23–60Ages enrolledEmployees within this age range
Earnings threshold: €20,000Earnings thresholdAcross all your employments
State top-up: €1 per €3State top-upWorth about the same as relief at 25%
Before you can opt out: 6 monthsBefore you can opt outThen a two-month window

Thirty seconds

Are you in My Future Fund?

Two questions against the published criteria. This tells you whether the rules put you in scope — nothing more.

Are you aged 23–60 and earning €20,000 or more a year?

Earnings are counted across all of your employments together.

Assumes you are paid through payroll (PAYE). Auto-enrolment does not cover the self-employed or proprietary directors on Class S PRSI — nothing has happened automatically on their behalf. See the self-employed route.

What it costs, and when

Your contribution climbs in three-year steps

Rates do not start where they finish. Yours and your employer’s contributions both rise in three-year steps, with the State adding a third of whatever you put in.

Bars show the employee rate. Your employer matches it and the State adds a third — the full split is in the table below.

Your contribution climbs in three-year steps
Scheme years	You pay	Your employer pays	The State adds
Years 1–3 (2026–2028)	1.5%	1.5%	0.5%
Years 4–6 (2029–2031)	3%	3%	1%
Years 7–9 (2032–2034)	4.5%	4.5%	1.5%
Year 10 onwards (2035–)	6%	6%	2%

Percentages are of gross earnings. Employer and State contributions are calculated on earnings up to €80,000 a year; you can still contribute above that level yourself. Rates are as currently legislated and the later bands are scheduled rather than in force; correct at 19 August 2026.

In euros, not percentages

What it actually costs you this year

A percentage is hard to picture. Set your salary and see what goes into your pension over a year at the current (2026) rate — from you, your employer and the State.

Your salary

€20,000€100,000+

You pay (1.5%): €675
Your employer adds (1.5%): €675
The State tops up (0.5%): €225
Into your pension, this year: €1,575

Illustration only. Figures apply the Year 1 (2026) rates — 1.5% from you, 1.5% matched by your employer, and a State top-up worth €1 for every €3 you contribute — to earnings up to €80,000. They step up over the following years, and your own position may differ.

The comparison worth running

The State top-up and tax relief are not the same thing

My Future Fund adds a State top-up. A PRSA or occupational pension gives you tax relief at your marginal rate instead. Which is worth more per euro depends on the rate of tax you pay.

The State top-up and tax relief are not the same thing
Criterion	My Future Fund	PRSA / occupational pension
How your contribution is boosted	State adds €1 for every €3 you contribute	Tax relief at your marginal rate
Effective value of that boost	About the same as relief at 25%	20% or 40%
If you pay tax at the standard rate20%	Worth more	Worth less
If you pay tax at the higher rate40%	Worth less	Worth more
Employer contribution	Yes, matched alongside yours	Only if it is a workplace scheme

How your contribution is boosted

Neither better nor worse:My Future Fund: State adds €1 for every €3 you contribute
Neither better nor worse:PRSA / occupational pension: Tax relief at your marginal rate

Effective value of that boost

Neither better nor worse:My Future Fund: About the same as relief at 25%
Neither better nor worse:PRSA / occupational pension: 20% or 40%

If you pay tax at the standard rate

20%

Better:My Future Fund: Worth more
Worse:PRSA / occupational pension: Worth less

If you pay tax at the higher rate

40%

Worse:My Future Fund: Worth less
Better:PRSA / occupational pension: Worth more

Employer contribution

Better:My Future Fund: Yes, matched alongside yours
Neither better nor worse:PRSA / occupational pension: Only if it is a workplace scheme

The two tax-rate rows and the employer-contribution row have to be read together: at the higher rate, relief is worth more for every euro you contribute, but a personal PRSA carries no employer contribution to set against that. Which comes out ahead depends on your own position. Tax reliefs described are those currently applying and can change, usually at Budget. The My Future Fund top-up is applied for you; relief on a personal pension has to be claimed from Revenue by you, and a reader who does not claim it does not get the higher-rate figure shown here.

Worth a second look

Three situations where the default deserves a second look

My Future Fund gives everyone the same arrangement. For most people that is a straightforwardly good thing — it is a pension they did not have before. For three groups the arithmetic is less obvious, and nobody tells you which group you are in.

You pay tax at the higher rate
At the higher rate, marginal-rate tax relief can be worth more per euro than the State top-up.
See the comparison
You already have a pension somewhere
If your existing scheme qualifies, you should not have been enrolled at all.
Why this happens
You are self-employed or a proprietary director
Auto-enrolment doesn’t cover you — but the pension structures that do carry far higher limits.
Read more

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Shane's clear, strategic financial advice gave me the confidence and ability to take over a year off work, to travel and spend time with family, while continuing to contribute to my pension and maintaining my financial stability.

Thanks to his guidance, I've now reentered the workforce in a strong position, with my long-term goals still fully on track. I'm incredibly grateful for his support, insight, and the peace of mind his expertise has provided.

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Customer of Empowered Money

My Future Fund — common questions

What employees usually ask once they notice the deduction on their payslip. Last reviewed 19 August 2026.

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