Ireland's automatic enrolment retirement savings system, MyFutureFund, has now been in operation for six months. With over 835,000 employees enrolled and millions of euros in contributions already invested, the scheme represents a landmark development in the Irish pensions industry.
Since its launch, the National Automatic Enrolment Retirement Savings Authority (NAERSA) has been automatically enrolling employees aged between 23 and 60 who earn at least €20,000 per year across all employments and who are not already members of a pension arrangement meeting the prescribed minimum standards i.e. in exempt employment (see our previous article here). Notably, a number of employees who do not meet the auto-enrolment criteria have also voluntarily opted in to MyFutureFund.
The next key milestone in MyFutureFund arrives tomorrow (1 July), when participants will, for the first time, have the opportunity to opt out of MyFutureFund.
Employee opt-outs
From July, employees may opt-out of MyFutureFund and receive a refund of their contributions. However, there are several key points for employers and employees to be aware of:
- Employees may only opt-out during specified windows. Employees can opt-out during months seven and eight after their enrolment. For those enrolled at launch, the first two month “opt-out window” will open in July 2026 and close at the end of August 2026.
- Employees can opt-out through the participant portal on the MyFutureFund website or by contacting NAERSA directly, after which their Auto-Enrolment Payroll Notification (AEPN) will be updated. It is therefore important for employers to ensure they are receiving the most up-to-date AEPNs to avoid potential compliance risks.
- Where an employee opts-out, employer and State contributions will remain in the employee’s savings pot in MyFutureFund and will not be refunded.
- Employees who opt-out will be automatically re-enrolled two years after their opt-out date provided they meet the eligibility criteria i.e. they are under the State pension age (currently 66 years of age) and not in exempt employment on that re-enrolment date.
Key takeaways for employers
- Opting out of MyFutureFund is not the only option for employees – six months after enrolment, employees can suspend contributions for a maximum of 24 months. All contributions, including employer and State contributions, will be suspended during this period but will remain invested on the employee’s behalf.
- Press coverage around auto-enrolment has increased due to the opening of the opt-out windows. This means employers may wish to take the opportunity to remind employees about their company pension offering.
- MyFutureFund is still in the early stages and employers should ensure that they stay up to date on updates from NAERSA, primarily through the MyFutureFund website and the MyFutureFund employer portal.
- Employers are also reminded it is an offence under legislation to hinder or attempt to hinder an employee from participating in MyFutureFund.
How we can help
Our pensions and employment law specialists are actively advising employers on auto-enrolment. If you would like to find out more about how we can help you prepare for the commencement of and manage the opt out window from 1 July 2026 to 31 August 2026, please contact Chris Comerford, Partner (Pensions), Michael Doyle, Partner (Employment) or your usual contact on the Employment or Pensions teams.
Date published: 30 June 2026
