Approximately €80m worth of contributions have been collected for investment in Ireland’s MyFutureFund since the auto-enrolment scheme launched at the start of the year.

Speaking at the Irish Association of Pension Funds’ annual dinner on 26 February in Dublin, Minister for Social Protection, Dara Calleary, provided an update on the scheme, along with the government’s plans for master trust legislation, scheme authorisation and forthcoming European Union (EU) developments affecting the sector.

To date, around 104,000 employers have registered for the scheme, covering 764,000 employees, which Calleary described as “incredibly high compliance rates”.

He reiterated the Department for Social Protection’s (DSP) plans to work with the National Automatic Enrolment Retirement Savings Authority (NAERSA) to develop approaches for Additional Voluntary Contributions (AVCs), transfers in and out of the scheme, drawdown arrangements, and extending the scheme to others, such as the self-employed.

Calleary also said the rollout of MyFutureFund provides an opportunity to explore how occupational pension schemes can be improved.

He has asked the DSP and the Pensions Council to consider areas such as waiting periods, vesting periods, contribution levels, the remuneration basis for contribution calculation, the level and types of charges and overall value for money.

On master trusts, which have risen in popularity in recent years in Ireland due to the IORP II Directive, Calleary said his officials are working closely with the Pensions Authority on legislation to provide a “stronger legal underpinning for the master trust regime”.

This includes enhanced regulation in areas such as trusteeship, capitalisation, risk assessment, charges and communication.

In addition, the DSP is working with the Pensions Authority, the Revenue Commissioners, and the Department of Finance to introduce a revised, single-step pension scheme authorisation process.

“This revised process will ensure that all schemes meet the standards expected of them.

Under this new system, schemes and trust RACs will be required to demonstrate compliance with key governance standards, including those set out under IORP II, in order to receive authorisation,” Calleary said.

“This will establish clear expectations for governance and ensure that only properly constituted schemes operate in the market.”

He stressed that the government wants to ensure that no existing scheme members are disadvantaged by these reforms.

“Where consolidation occurs, member benefits must be protected and, where possible, enhanced through improved governance and reduced costs,” he stated.
Finally, on EU developments, he covered the package of measures announced by the European Commission in November 2025, including amendments to the IORP II Directive and the Pan-European Personal Pension (PEPP) regulation.

With Ireland set to take over the Presidency of the Council of the EU from 1 July, Calleary said he expects the discussions to likely continue during this period, which will “present an opportunity for Ireland to contribute meaningfully to the next phase of regulatory development in this area”.

“My department is examining these proposals closely in developing Ireland’s response. We also look forward to further engagement with the Cypriot Presidency and other member states as negotiations progress.

“These reforms, together with other regulatory changes such as the Digital Operational Resilience Act (DORA) and the Sustainable Finance Disclosure Regulation (SFDR), mean that the occupational pensions landscape will continue to evolve and develop in the coming years.”

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