What is MyFutureFund?
If you work in Ireland and earn €20,000 or more annually and are aged between 23 and 60, a pension will now be automatically saved for you in a protected government scheme.
- You pay a small amount
- Your employer pays too
- The Irish Government adds extra money
This money is for your future, when you retire.
You don’t need to do anything, it will happen automatically and from mid-January you will be able access and view your contributions and those of your employer and the government in your MyFutureFund Account. https://myfuturefund.ie/participant. You can also check your payslip for the amounts that will be deducted.
How much money will I have to pay?
At the start and for the first 3 years.
- You pay 1.5% of your wages
- Your employer pays 1.5% of your wages
- The Government pays 0.5% of your wages
Over 10 years these contributions will be increased to reach 6% employee and employer contributions with Government contributions increasing to 2%.
What will happen to my pension contributions if I stop working/change job?
Your pension will move with you. Contributions won’t be made while you’re not working. If you start a new employment, you will be enrolled back MyFutureFund, it will simply be added to funds you have already contributed to date.
What will happen to my pension contributions in MyFutureFund if I leave the country?
Your savings pot will continue to be invested, and you will have access to it at the State pension age. If you return to work in Ireland again, you may be enrolled back into MyFutureFund.
