Question 1

Can I opt out of My Future Fund?

Accepted Answer

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.

Question 2

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

Accepted Answer

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.

Question 3

Does my employer have to pay in as well?

Accepted Answer

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.

Question 4

Do I get tax relief on My Future Fund contributions?

Accepted Answer

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.

Question 5

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

Accepted Answer

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.

Question 6

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

Accepted Answer

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.

Question 7

Is My Future Fund better than a PRSA?

Accepted Answer

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.

Question 8

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

Accepted Answer

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.

Question 9

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

Accepted Answer

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.

Question 10

What happens to the money if I change job?

Accepted Answer

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.

Question 11

Do I need financial advice for this?

Accepted Answer

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.

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%

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

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

Are you in My Future Fund?

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

Your contribution climbs in three-year steps

What it actually costs you this year

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

Three situations where the default deserves a second look

You pay tax at the higher rate

You already have a pension somewhere

You are self-employed or a proprietary director

A free 45-minute look at where you actually stand

My Future Fund — common questions

Still have questions?

Check where you actually stand