Over 17,000 workers in Mayo now signed up to My Future Fund

A total of 17,305 workers in Mayo have been signed up to the new Auto Enrolment Retirement Savings System, said Minister of State, Alan Dillon TD.

Minister Dillon said: “The new Auto Enrolment system took effect on January 1 and has now been up and running for just over a month. Almost 763,000 workers have now been automatically signed up to My Future Fund nationally. What this means is that you, your employer and the State are now contributing to your savings pot for retirement. “The way Auto Enrolment works is that for every €3 you put in, your employer puts in €3, and the State tops it up by €1. This means your €3 contribution turns into €7 in your savings pot, so this is a really brilliant way to save for retirement.”

He continued: “Auto Enrolment is about putting a little away now so that you can have a lot more comfort and security when the times comes to retire. The overall value of contributions collected in the first month of the new system is just over €41 million.

‘The good news is that workers can keep an eye and see their savings pot grow online through their My Future Fund portal.

‘The online portal provides participants with ability to track their contributions and savings account online. It also provides participants with the facility to opt-out, to suspend their contributions or to change to an alternative investment strategy should they wish to do so.”

“Auto Enrolment has been talked about for decades. It was a key priority for Fine Gael to deliver this new system to workers to save for retirement,” concluded Minister Dillon.