State Savings Schemes
Dail Éireann — 2026-02-26
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Dara Calleary (FF), Mayo

The Deputy's assessment is an interesting one. In terms of getting this up and running, in the early stages we tried to bring as much clarity and understanding as possible in regard to the fee area. The feedback I have got in the past year in dealing with this is that a lot of people find administration fees and investment fees around pensions very confusing. It is one of the things that, certainly in my personal experience, would dissuade you from engaging with the pension provision. Therefore, we wanted the administration fee to be flat and to be accessible and understandable. Equally, we were able then to bring the prospect of the 700,000 plus workers, which we now know is 760,000, to bear in getting investment management fees, which were well under those applicable to an occupational pension scheme or to personal retirement savings accounts, PRSAs.
On the age side, administration fees are higher in a lot of PRSAs than they are in My Future Fund. I am not totally aware of - and I am happy for the Deputy to send me information if he wishes - the progression of fees.
Ultimately, all operational issues from My Future Fund are now going to be dealt with by National Automatic Enrolment Retirement Savings Authority, NAERSA. NAERSA has taken over operational responsibility, as we have launched. I want to make sure this is the best value possible and as accessible as possible so I am happy if the Deputy wants to share information with me on that.

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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