Sligo Councillor calls for ‘My Future Fund’ flexibility that would allow for additional lodgements

By Philip Rooney, The Sligo Champion

At this month’s meeting of Sligo County Council Cllr Dara Mulvey asked that the Council write to the Minister for Department of Social Protection Dara Calleary seeking to allow participants of the recently established ‘My Future Fund’ – the Automatic Enrolment Retirement Savings System that would allow them to lodge additionally.

Addressing the meeting on Cllr Mulvey explained the new scheme will see an employee contribute €3 into the fund which is match by their employer and topped up by a €1 contribution from the Government. Cllr Mulvey explained, “It will be of benefit for people without a pension as it will ensure they have a source of income.”

MyFutureFund is a new State-sponsored retirement saving scheme. It is administered by the National Automatic Enrolment Retirement Savings Authority (NAERSA), with the aim of increasing pension coverage in Ireland.

Employees are automatically enrolled into the scheme if they earn more than €20,000 per year, are aged between 23 and 60, and are not paying into a pension through payroll.

Article Funded by the Local Democracy Reporting Scheme.