O’Shea Welcomes Strong Take-Up of Auto-Enrolment Retirement Savings Scheme

Cork North West Fine Gael TD John Paul O’Shea has welcomed the strong level of enrolment in Ireland’s new auto-enrolment retirement savings scheme, with over 763,000 employees now enrolled nationally, including more than 75,000 workers in Cork.

Deputy O’Shea said the figures demonstrate the importance people place on financial security and long-term planning, particularly in the face of rising living costs and an ageing population.

“Auto-enrolment is about giving workers peace of mind and helping people build a more secure future. It is very encouraging to see such strong participation already, with over three-quarters of a million people enrolled nationwide and more than 75,000 employees here in Cork benefiting from the scheme.”

Deputy O’Shea also noted that the collection of employee and employer contributions has now commenced since 1^st January, marking a major milestone in the rollout of the scheme. He highlighted that these contributions are being topped up by the State, ensuring workers get even greater value from their retirement savings.

“This is a significant step forward. For every euro contributed by employees and employers, the State is playing its part by adding an additional top-up. That State contribution will make a real difference over time and will help people build a stronger and more sustainable pension.”

The auto-enrolment system ensures that employees, employers and the State all contribute towards retirement savings, helping those who previously did not have access to an occupational pension to plan for their later years.

Deputy O’Shea also reminded participants that they can view and manage their auto-enrolment account online through the dedicated portal, MyFutureFund.ie, which provides clear and accessible information on contributions, balances and the overall progress of their retirement savings. “Having a single, easy-to-use portal empowers people to stay informed and engaged with their pension savings. It puts control and transparency firmly in the hands of workers.”

Deputy O’Shea said the strong Cork uptake reflects the diversity of the county’s workforce across sectors such as retail, manufacturing, hospitality and services. “For many workers, particularly younger employees and those in part-time or lower-paid roles, this scheme is a game-changer. It removes barriers to pension saving and makes it easier for people to start planning for retirement early in their working lives.”

Deputy O’Shea concluded that the early success of auto-enrolment shows the value of policies that support workers while also strengthening Ireland’s long-term economic and social sustainability. “This is a practical, progressive reform that will make a real difference to people’s lives. I will continue to support measures that improve financial security for workers and families across Cork and throughout the country.”