Workers who have been automatically enrolled in the ‘My Future Fund’ pension scheme can choose to opt out of the system from today.<\/p>\n
More than 800,000 people, including 9,000 who voluntarily opted-in, have been enrolled in the scheme since the start of the year and have saved over \u20ac400 million.<\/p>\n
A two month opt-out window opens today and those who choose to leave the scheme will be automatically re\u2011enrolled after two years, if still eligible.<\/p>\n
The administrator of My Future Fund, the National Automatic Enrolment Retirement Savings Authority (NAERSA) said people should carefully consider the decision to opt-out.<\/p>\n
“By opting out, employees will forgo contributions from their employer, currently 1.5% of gross pay, and the State top\u2011up, which together significantly increases the value of each euro saved over time,” a NAERSA spokesperson said.<\/p>\n
“For every \u20ac3 an employee contributes, the employer matches with \u20ac3, and the State adds \u20ac1 representing a \u20ac7 increase in the participants’ retirement savings,” the authority added.<\/p>\n
Financial advisors are also urging participants to think before they decide to opt-out.<\/p>\n
“It will give individuals who may be under pressure financially the opportunity to opt-out or they may have personal provision elsewhere sufficient to cover their retirement,” said Caroline Rowan, head of retirement solutions at risk management firm Aon Ireland.<\/p>\n
“It’s a very important decision that may have a long-term impact on their quality of life in retirement,” Ms Rowan said.<\/p>\n","protected":false},"excerpt":{"rendered":"Workers who have been automatically enrolled in the ‘My Future Fund’ pension scheme can choose to opt out…\n","protected":false},"author":2,"featured_media":667114,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[84,4176,4174,4175,56,54,55],"class_list":["post-667113","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-personal-finance","tag-personalfinance","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/667113","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=667113"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/667113\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/667114"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=667113"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=667113"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=667113"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}