Ireland is set to launch its auto-enrolment system under the name ‘My Future Fund’. This new system aims to make it easier for individuals to save for their retirement through automatic enrollment in a workplace pension scheme.
The ‘My Future Fund’ initiative is designed to encourage more people to save for their future by making it a seamless process. Employers will be required to automatically enroll eligible employees into a pension scheme, with the option for employees to opt out if they choose to do so.
The goal of the auto-enrolment system is to help individuals build up their retirement savings over time, ensuring financial security in the future. This initiative is a step towards promoting financial literacy and encouraging people to take control of their financial futures.
The launch of ‘My Future Fund’ is a positive development for Ireland, as it will help to address the issue of under-saving for retirement. By making it easier for individuals to save for their future, this initiative aims to ensure a more secure financial future for all.