State Savings Schemes
Dail Éireann — 2026-06-18
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Dara Calleary (FF), Mayo

It has been very successful so far. A Revenue analysis shows that 835,000 workers have been automatically enrolled. Over 9,000 have joined the scheme voluntarily and 112,750 employers are involved. Contributions thus far total €323 million. As I have said, the National Automatic Enrolment Retirement Savings Authority is running a campaign outlining the benefits of MyFutureFund. That will continue as the opt-out process opens. I know people are under pressure. I am very conscious of that pressure but I made the point during the run-in to the introduction of MyFutureFund that, if you get to the age of 66 and have no retirement plan in place, you will face a massive drop in income. Going from €48,000 or €50,000 a year to €16,500, which is what the State contributory pension provides, is an extraordinary drop. MyFutureFund gives those 835,000-odd people a substantial cushion to alleviate the impact of that drop. That is what it is about. It is about looking to your retirement, when you will not be earning the kind of money you may be earning today, and making provision for that.

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Record URI: https://data.oireachtas.ie/akn/ie/debateRecord/dail/2026-06-18/debate/main
Retrieved: 2026-08-27T06:54:51+00:00
Sitting date: 2026-06-18