Ken O'Flynn (Cork North-Central, Independent Ireland Party)
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331. To ask the Minister for Finance to detail his Department's reservations in relation to AE supervision cited in 2024, the changes that were sought, which were accepted; and the current oversight model involving the Pensions Authority and Department of Social Protection. [48751/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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The implementation of the Automatic Enrolment Retirement Savings System, known as My Future Fund, is a key commitment in the Programme for Government-Securing Ireland’s Future and is being led by the Department of Social Protection. A primary objective of auto enrolment is to address the relatively low proportion of private sector employees in Ireland with supplementary pension cover and to address pension adequacy more broadly. The underpinning legislation for this initiative is the Automatic Enrolment Retirement Savings System Act 2024 which was signed into law in July 2024.

My Future Fund will be transformative for the Irish economy once the scheme commences from 01 January 2026, as it paves the way for approximately 800,000 workers to be brought into a retirement savings scheme for the first time. I understand that the Minister for Social Protection and his Department continue to make good progress towards the launch of My Future Fund in January 2026, with key senior personnel appointed to the National Automatic Enrolment Retirement Savings Authority (NAERSA) (including the CEO, Chair, and Board Members) in August and an extensive media and communications campaign underway to raise public awareness.

As part of the deliberative process regarding the Automatic Enrolment Retirement Savings System, my Department engaged with the Department of Social Protection and set out views on possible supervisory models that could be implemented. The Department of Finance provided feedback that the supervision model proposed in the Auto Enrolment Bill should include forward looking risk-based supervision, similar to the approach taken for existing pension schemes that the Pensions Authority oversees.

The Pensions Authority is a State body under the aegis of the Department of Social Protection and oversight of governance and performance is in line with the Pensions Act 1990 and the Code of Practice for the Governance of State Bodies. The performance of NAERSA will be subject to external oversight and monitoring by the Department of Social Protection, the Pensions Authority, the Comptroller and Auditor General, and directly to Oireachtas Committees including the Committee on Public Accounts. This was decided by Government as the most appropriate approach.

In conclusion, I wish to reaffirm the commitment of my Department to assisting in the successful delivery of My Future Fund, and to reiterate the transformative potential of this system for Irish citizens of today and the future, who will get to enjoy a greater sense of wellbeing and financial freedom in retirement.