Auto-enrolment (MyFutureFund) calculator and opt-out guide
MyFutureFund from January 2026. For every €3 you save, your employer adds €3 and the State adds €1.
Free calculator · Budget 2027 rates · checked 10 Oct 2026 · Sources: gov.ie, Revenue · Estimate only, not financial or tax advice
Based on published Irish tax bands; not advice. Estimate based on published Revenue and DSP rates for the selected year. Covers employees, sole traders and common credits. Estimate only, not financial or tax advice. Check complex cases with Revenue.
Your Details
Eligible for Auto-Enrolment
You meet the eligibility criteria: age 23–60, earning ≥ €20,000/year.
For every €3 you save, you get €7
After €28.60/yr admin fee. Based on 5% annual return, 36 years to retirement.
Projected Monthly Pension at Retirement (Age 66)
Based on the 4% safe withdrawal rate. Projection assumes salary, contribution rates, and investment returns remain constant. This is an estimate only.
Current Year Contribution Breakdown (2026)
Projected Pot Breakdown at Retirement
Your Pension Pot Over Time
Key milestone years based on 5% annual return
| Year | Age | Emp / Emplr / State | Annual In | Pot Value |
|---|---|---|---|---|
| 2030 | 34 | 3% / 3% / 1% | €3,471 | €13,099 |
| 2035 | 39 | 6% / 6% / 2% | €6,971 | €45,193 |
| 2040 | 44 | 6% / 6% / 2% | €6,971 | €96,200 |
| 2045 | 49 | 6% / 6% / 2% | €6,971 | €161,300 |
| 2050 | 54 | 6% / 6% / 2% | €6,971 | €244,385 |
| 2055 | 59 | 6% / 6% / 2% | €6,971 | €350,426 |
| 2060 | 64 | 0% / 0% / 0% | €0 | €455,716 |
What is MyFutureFund? Ireland's Auto-Enrolment Explained
MyFutureFund is Ireland's mandatory workplace pension scheme that launched on 1 January 2026. It automatically enrols eligible employees who don't already have a workplace pension, covering an estimated 760,000–800,000 workers. For the first time, private-sector employees who were previously saving nothing for retirement are now being helped to build a pension pot — with contributions matched by their employer and topped up by the State.
Who is Eligible?
- Aged 23 to 60
- Earning €20,000 or more per year
- Not already enrolled in a qualifying workplace pension
- Self-employed are not included — this scheme is for PAYE employees only
Opt-Out Rules
- You must remain enrolled for at least 6 months
- You can opt out during months 7 and 8 after enrolment
- If you opt out, you will be automatically re-enrolled after 2 years
- You can suspend contributions after 6 months for up to 2 years
Should I opt out of auto-enrolment? Things to weigh
You can opt out only in months 7 and 8 after you are enrolled. If you do, you get back what you paid in. Your employer's and the State's money stays in your pot until age 66. If you are still eligible, you are put back in after 2 years. Whether to stay in depends on your own situation. Below are the facts to weigh.
How auto-enrolment works
Auto-enrolment started on 1 January 2026. The scheme is called MyFutureFund. You are enrolled automatically if you:
- are an employee aged 23 to 60,
- earn €20,000 or more a year across all your jobs, and
- do not pay into a pension through payroll in that job.
For every €3 you pay in, your employer pays €3 and the State adds €1.
| Scheme year | You pay | Employer pays | State pays |
|---|---|---|---|
| Years 1 to 3 | 1.5% | 1.5% | 0.5% |
| Years 4 to 6 | 3% | 3% | 1% |
| Years 7 to 9 | 4.5% | 4.5% | 1.5% |
| Year 10 on | 6% | 6% | 2% |
Contributions are a % of your gross pay. They are not charged on pay above €80,000 in a calendar year. You cannot pay more or less than the set rate.
Scheme years map to calendar years like this:
- Years 1–3: 2026, 2027 and 2028 — you and your employer each pay 1.5%, the State adds 0.5%.
- Years 4–6: 2029, 2030 and 2031 — 3% each, State 1%.
- Years 7–9: 2032–2034 — 4.5% each, State 1.5%.
- Year 10 onwards: from 2035 — 6% each, State 2%.
When you can opt out
- You must stay in for the first 6 months.
- You can then opt out in months 7 and 8 only. Enrolled on 1 January 2026? Your window was July and August 2026.
- You can also opt out in months 7 and 8 after each rate rise, during the first 10 years.
- You opt out on the MyFutureFund portal (log in with a verified MyGovID), or ask NAERSA (the State body that runs the scheme) for a paper form.
- You can cancel an opt-out within 48 hours.
- There is no penalty for opting out, even more than once.
What you get back
- Opt out after enrolling: your own payments are refunded.
- Opt out after a rate rise: you get back only the extra you paid because of the rise.
- Your employer's and the State's payments are not refunded to you. They stay in your pot, stay invested, and are paid to you at age 66.
Pausing instead of leaving
After the first 6 months you can pause (suspend) your payments at any time, for 1 to 2 years. You get no refund. Your employer's and the State's payments pause too. Once paused, you must wait at least 12 months before restarting.
Re-enrolment after 2 years
If you opt out or pause and still meet the rules, you are put back in automatically after 2 years. You will not be put back in for a job where you pay into another pension through payroll.
Who is outside auto-enrolment
- People who already pay into a work pension, PRSA, RAC or PEPP through payroll, for that job.
- Self-employed people. They cannot opt in.
- Employees under 23 or over 60, or earning under €20,000. They are not enrolled automatically, but can choose to opt in.
If you earn under €20,000 after you are enrolled, you stay in.
Things to weigh
None of these is a recommendation. They are points gov.ie and Citizens Information raise.
- Employer money. While you pay in, your employer must match you. If you opt out, your employer stops paying in too.
- State top-up vs tax relief. There is no tax relief on what you pay into MyFutureFund. Instead the State adds €1 for every €3, which gov.ie says is worth the same as 25% tax relief. Personal and work pensions get tax relief at your top rate: 20% or 40%.
- Your take-home pay now. Your payment comes out of each pay packet, and the rate rises in years 4, 7 and 10.
- Locked until 66. You cannot take the money out before State Pension age, which is currently 66. Ill-health retirement is the exception.
- Tax at retirement. At retirement (State Pension age, currently 66), MyFutureFund drawdowns are set up like a PRSA: up to 25% of the fund as a tax-free lump sum, with the rest taxed as income. Small funds may get Revenue's 'trivial pensions' treatment. The exact tax rules that apply when you retire will be the ones in force then.
- Value can fall. The State does not promise the value of your pot. It is invested, so it can go up or down.
- Fees. 55 cent a week (capped at €28.60 a year) plus 0.03833% of your savings a year. No admin fee while you have opted out or paused.
- Other pensions. If you pay into a pension outside payroll, you can stay in MyFutureFund too. If you join a work pension through payroll later, auto-enrolment stops for that job and overlapping payments are refunded.
Use the calculator above for an estimate of your own payments and pot.
FAQs
Do I get my money back if I opt out?
You get back what you paid in. Your employer's and the State's payments stay in your pot until 66.
I missed my opt-out window. What now?
You can pause your payments at any time after the first 6 months. You also get a new opt-out window 6 months after each rate rise.
Related pages
- Irish take-home pay calculator – see your pay after tax, USC and PRSI
- Rent tax credit
- Redundancy calculator
- Contractor calculator – the self-employed are outside auto-enrolment
Based on published Irish tax bands; not advice. Estimate based on published Revenue and DSP rates for the selected year. Covers employees, sole traders and common credits. Estimate only, not financial or tax advice. Check complex cases with Revenue.
Sources (checked Sun 4 Oct 2026)
- gov.ie (Department of Social Protection) – Auto-enrolment retirement savings system for employees (eligibility, rates by year, €80,000, opt-out windows, refunds, suspension, re-enrolment, retirement at 66, pot value not promised by the State, other pensions): https://www.gov.ie/en/department-of-social-protection/publications/auto-enrolment-retirement-savings-system-for-employees/
- gov.ie (Department of Social Protection) – Auto-enrolment: Your questions answered (start date 1 Jan 2026, €80,000 calendar-year rule, staying in below €20,000, no penalties for opting out, fees, tax treatment being legislated, excluded schemes): https://www.gov.ie/en/department-of-social-protection/publications/auto-enrolment-your-questions-answered/
- Citizens Information – Auto-enrolment pension – MyFutureFund (opt-out via portal or paper form, 48-hour cancel, July/August example, 12-month wait after suspending, opt-in age 18 to 66, tax relief comparison): https://www.citizensinformation.ie/en/money-and-tax/personal-finance/pensions/auto-enrolment/
- MyFutureFund – Participant guide (scheme-year contribution examples; tax treatment legislated like a PRSA, including up to 25% tax-free lump sum): https://myfuturefund.ie/participant-guide
Phased Contribution Rates (by scheme year)
Contributions are calculated on earnings up to €80,000. Rates increase gradually to give workers time to adjust. Scheme year 1 is calendar year 2026.
| Scheme year | Employee | Employer | State | Total |
|---|---|---|---|---|
| Years 1–3 (2026–2028) | 1.5% | 1.5% | 0.5% | 3.5% |
| Years 4–6 (2029–2031) | 3% | 3% | 1% | 7% |
| Years 7–9 (2032–2034) | 4.5% | 4.5% | 1.5% | 10.5% |
| Year 10 on (from 2035) | 6% | 6% | 2% | 14% |
Key Facts About MyFutureFund
Earnings Cap
Contributions are only calculated on the first €80,000 of your annual salary. Earnings above this threshold are ignored for contribution purposes.
Admin Fee
55 cent a week (capped at €28.60 a year) plus 0.03833% of your savings a year. No admin fee while you have opted out or paused.
Why It Matters
Ireland has one of the lowest private pension coverage rates in Europe. Auto-enrolment is designed to close this gap, ensuring that workers who previously had no pension savings can build a meaningful retirement fund with the help of their employer and the State.
Tax Treatment
Unlike private pension contributions, auto-enrolment employee contributions do not qualify for income tax relief. Instead, the benefit comes from the employer match and State top-up, which are exempt from tax on the way in.
At Retirement
You cannot take the money out before State Pension age, which is currently 66. Ill-health retirement is the exception. At retirement, MyFutureFund drawdowns are set up like a PRSA: up to 25% of the fund as a tax-free lump sum, with the rest taxed as income. Small funds may get Revenue's 'trivial pensions' treatment. The exact tax rules that apply when you retire will be the ones in force then.
Based on published Irish tax bands; not advice. Projections are estimates and can go up or down.