Albert Dolan (Galway East, Fianna Fail)

Today, I welcome the introduction of My Future Fund. This is Ireland's new system of automatic enrolment into pensions. This is one of the most important social reforms for a generation. For too long, too many workers, particularly in the private sector, have faced the prospect of reaching retirement with only the State pension. We know that only about a third of private sector workers currently have a supplementary pension. Auto-enrolment changes that and it does so in a way that is fair, simple and sustainable.

From January 2026, every employee aged between 23 and 60 who is earning over €20,000 a year and not already contributing to a scheme will be automatically enrolled. Employers will match what the worker puts in and on top of that, the State will add €1 for every €3 saved. That means that, for every €3 the worker contributes, the total becomes €7 before it is even invested. That is a powerful return that will grow steadily over the course of a career.

The contributions themselves will be phased in gradually, from 1.5% at the start, rising step by step to 6% by 2034. That phasing in is important because it gives households time to adjust and small businesses time to plan. It is reform done at a sensible pace with fairness at its core. The long-term benefits are enormous. Workers will build real financial security, employers will be contributing to a stronger and more resilient workforce and the State will be reducing future pressures on public finances. For society as a whole, it means fewer people facing hardship in older age and more people able to look to retirement with dignity and independence. This is also about simplicity. The "pot follows the member" model means that, as people change jobs, their pension pots go with them. There will be no more lost accounts or scattered small savings. Default investment options will de-risk over time but choice will remain for those who want it. Administration is being taken on by the new National Automatic Enrolment Retirement Savings Authority, which will make the process as light as possible for employers.

In the decades ahead, this reform will transform how people experience retirement in Ireland. It will lift the quality of life for future generations, give people confidence about their financial security and demonstrate, in a very practical way, the way of partnership between working, employer and State. Auto-enrolment is not just about pensions; it is about building a fairer, stronger Ireland where hard work is always rewarded and where people can look to the future with confidence.

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