Clearly, the messaging is not hitting home.<\/p>\n\n\n\n
This article outlines how to communicate with your staff about Ireland’s government-run auto\u2011enrolment retirement savings system – My Future Fund<\/a>.<\/p>\n\n\n\n Here\u2019s what we\u2019ll cover:<\/strong><\/p>\n\n\n <\/p>\n Get the answers you need to prepare your business for My Future Fund automatic enrolment and support your employees.<\/p>\n <\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t My Future Fund is a government\u2011run auto\u2011enrolment retirement savings system that helps eligible employees build long\u2011term savings. <\/p>\n\n\n\n However, it\u2019s up to you to keep your team informed.<\/p>\n\n\n\n Clear, proactive communication helps prevent confusion and keeps morale high.<\/p>\n\n\n\n Your goal? Make the process as seamless as possible for your team.<\/p>\n\n\n\n Keith Dundon is head of financial services at SYS Financial<\/a> and he has been advising employers over the last year about the scheme and how to communicate with employees. “I think the approach needs to be as proactive as possible. So, that means getting as much information into the hands of your employees as you can.”<\/p>\n\n\n\n However, firstly, before discussing with employees, you need to have considered what type of pension you would prefer your staff to sign up to.<\/p>\n\n\n\n Decide whether you will rely on My Future Fund or continue to offer a qualifying occupational pension.<\/p>\n\n\n\n “It is not one size fits all. Some employers should just go with auto-enrolment. It is absolutely perfect for certain sectors,” says Keith.<\/p>\n\n\n\n “However, if an employer is offering an occupational pension, they should tailor their own scheme and look for a rate above auto enrolment, if they can.”<\/p>\n\n\n\n If an employee is already in a qualifying occupational pension for a particular job, they will not be automatically enrolled into My Future Fund for that employment. <\/p>\n\n\n\n Auto\u2011enrolment applies per employment.<\/p>\n\n\n\n Employers cannot require employees to switch to a different pension scheme without the right contractual agreement, except for automatic enrolment, which is required by law.<\/p>\n\n\n\n Before you talk to your team, decide on your company\u2019s pension approach. Once you\u2019re clear, plan how you\u2019ll communicate with employees.<\/p>\n\n\n\n Start with a general information session, then offer one-on-one meetings for anyone who needs extra support.<\/p>\n\n\n\n “When you’re doing an information session, you have to cut through the clutter and bring it down to the key features of what the government\u2011run auto\u2011enrolment retirement savings system (My Future Fund) is.<\/p>\n\n\n\n And once you’ve given the key feature of the government-run model, you can showcase these features against a workplace pension arrangement.<\/p>\n\n\n\n Compare and contrast against the workplace pension on key features and make individual sessions available afterwards. It is very hard to cater for everyone in a group\u2014you’re just giving the high level.”<\/p>\n\n\n\n Below are some pointers on what should be covered in a session, as well as tips to get the messaging right:<\/p>\n\n\n\n Clarify why the session is being held, that is to explain the upcoming pension auto-enrolment scheme and what it will mean for employees.<\/p>\n\n\n\n Reassure staff that the company’s goal is transparency and support<\/p>\n\n\n\n Give a simple overview of the system.<\/p>\n\n\n\n Why it’s happening:<\/p>\n\n\n\n Break this into clearly digestible points:<\/p>\n\n\n\n Eligibility<\/p>\n\n\n\n Explanation of contributions:<\/p>\n\n\n\n Contribution rates (set in legislation and phased upwards over time) for My Future Fund are as follows:<\/p>\n\n\n\n Note: These rates will increase in future years to 6% employee, 6% employer, and 2% State.<\/strong><\/p>\n\n\n\n Investment funds:<\/p>\n\n\n\n Opt-out rules:<\/p>\n\n\n\n Also, what happens if employees leave current employment (explain the pot-follows-member approach).<\/p>\n\n\n\n By law, eligible workers are automatically enrolled into My Future Fund for each employment, unless they are already in a qualifying occupational pension for that job. <\/p>\n\n\n\n Employers cannot prevent eligible employees from being enrolled.<\/p>\n\n\n\n Show simple worked examples of impact on take-home pay.<\/p>\n\n\n\n Timeline for the rollout (government timeline + internal payroll readiness).<\/p>\n\n\n\n Where to get help:<\/p>\n\n\n\n Also, provide a simple take-home one-pager or email summary.<\/p>\n\n\n\n End with a Q&A session and allow plenty of time for staff to ask questions.<\/p>\n\n\n\n As Keith points out, you are aiming to educate your employees to enable them to make the best-informed decisions.<\/p>\n\n\n\nMy Future Fund FAQs<\/h2>\n\n\t\t\t\t\t\t\t\t\t
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\t\t\t<\/div>\n<\/div>\n\n\n\nHow important is communication?<\/h2>\n\n\n\n
Decide what’s best for your company<\/h2>\n\n\n\n
How to structure an information session?<\/h2>\n\n\n\n
1. Welcome & purpose<\/h3>\n\n\n\n
2. Context: What My Future Fund is and why it’s being introduced<\/h3>\n\n\n\n
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3. Key features of the system<\/h3>\n\n\n\n
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4. Impact on employees’ pay<\/h3>\n\n\n\n
5. Next steps and support available<\/h3>\n\n\n\n
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6. Q&A session<\/h3>\n\n\n\n
7. Tips to make the session effective<\/h3>\n\n\n\n
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