State Savings Schemes
Dail Éireann — 2026-02-26
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Eoin Hayes (SD), Dublin Bay South

I acknowledge the importance of the administration fee. I welcome the fact that a commission was not charged in terms of the fee. There are options when it comes to a flat fee versus a progressive fee. I made a few back-of-the-envelope calculations in respect of this matter, but do not hold me to them. If someone who is 60 years of age and who earns €20,000 per year is auto-enrolled in the scheme, they would spend about 6.36% of their contributions in administration fees over the course of their involvement in the My Future Fund. That is assuming that they are with it the entire time.
I also welcome the suspension of administration fees if people are not contributing. That is worthwhile and something that does not happen in the UK, for example.
By contrast, someone who is 25 years of age who is making €80,000 a year, and assuming that income stays the same, will spend 0.67% of their contribution on administration fees. There is a wide gap there, from a regressive perspective, on administration fees, depending on your income. If you are younger, you get better returns as you are in there for longer but if you are poorer, they will almost always be a higher proportion of your income.

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Record URI: https://data.oireachtas.ie/akn/ie/debateRecord/dail/2026-02-26/debate/main
Retrieved: 2026-08-14T04:54:42+00:00
Sitting date: 2026-02-26