What you are actually obliged to do
My Future Fund enrols your eligible staff automatically. You do not choose who joins, and you cannot opt them out.
An employee is eligible if they are aged 23 to 60, earn more than €20,000 a year, and are not already in a qualifying workplace pension scheme. You match their contribution, and the State adds a top-up on top of both.
The cost is not what it is today
Contributions start low and rise in steps over ten years. Contributions are calculated on earnings up to €80,000.
Whatever the number is this year, plan on it being four times bigger by year ten, on a payroll that will itself have grown.
What it costs, now and in year ten
Put in how many eligible staff you have and their average salary. Nothing is stored and you do not need to give us anything to see the answer.
Rough figures are fine. This is about the shape of the cost over ten years, not the exact euro.
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Illustrative only and not personal advice. Employer contributions are shown at the phased rates of 1.5% in years one to three, 3% in years four to six, 4.5% in years seven to nine and 6% from year ten, on earnings up to €80,000 per employee. Figures are before any pay rises and exclude the State top-up, which is paid by the State rather than by you.
What to watch out for
The cost itself is manageable. Being surprised by it in year six is what causes the problem.
Worth pricing a company scheme against it.
Often a similar cost to auto-enrolment, but you choose the scheme, the directors can be included, and staff see it as a benefit rather than a payroll deduction.
Book a first meetingPick a date and time that suits you.
No sales pitch, just a conversation about what you already have, what it is heading for and whether we can improve it. You will get a written summary either way.
