In light of the increasing cost of living, many individuals are questioning their ability to contribute to pension schemes like My Future Fund, which was launched in Ireland on January 1, 2026. This auto-enrolment scheme is designed to help employees save for retirement by automatically enrolling those not already contributing to a pension.

For employees earning around €45,000, the initial contribution is approximately €13 per week, but this amount is significantly enhanced by employer and government contributions. For every €13 contributed, about €30 is invested in the pension fund, highlighting the importance of not opting out of the scheme without careful consideration.

The My Future Fund invests contributions in a diversified mix of funds aimed at long-term growth. The concept of compound growth is crucial here, as returns earned are reinvested, allowing savings to accumulate over time. However, individuals have a limited window to opt out after the first six months of enrolment, emphasizing the need for timely decision-making.

Ultimately, individuals must weigh the immediate financial strain against the long-term benefits of contributing to their pension. Tools like the CCPC spending calculator can assist in identifying potential savings in current expenses, aiding in making an informed decision about pension contributions.