My Future Fund opens for business in January, and employers can provide the limited details required from December 1st.
The Department of Social Protection, which is managing the whole process, assures that it will be hassle free and take you a matter of minutes.
From January, anyone who is aged between 23 and 60 and earning more than €20,000 who is not already part of a workplace (occupational) pension scheme will find themselves automatically signed up to a State-run workplace pension called My Future Fund.
Figuring out who needs to be signed up will be determined by your November payroll. Anyone who meets those criteria above and who is not paying into a workplace pension already will be automatically enrolled in the fund.
For most companies, that November payroll will be more or less complete by this stage.
So, what do you need to do when the MyFutureFund employer portal opens on December 1st and what details do you need to have to hand?
The department says that signing up is a very simple three-stage process. First you complete your profile on the portal, then you set up a payment method and then you simply run your payroll as you usually do.
IMPORTANT – currently there is no employee information website until the portal is launched mid-December. Any employee looking for information please direct them here.
In terms of that first stage, employers will be asked to use their ROS credentials that they currently use to log in to Revenue Online Services. You won’t need any new usernames or passwords to remember.
Once in, you will need your company name, its trading name if different, and the applicable business sector in which it operates. Then, from a drop-down list, you choose the number of employees involved.
You will also need to supply the company address and details of the primary contact (their name, phone and email). This should be whoever normally deals with Revenue on payroll issues.
Once that is done, you’ll just need to sort the payment details – with direct debit or via card.
The department reckons the process should take no more than 10 minutes, which sounds right as long as the system does not fall over under pressure from the number of people trying to access it in what is essentially a three-week window.
If they are signed up to a workplace pension with one employer, the others will still need to register the employee in relation to work done for them.
If an employee falls outside the parameters but still wants to join the scheme, they can; you, the employer, will have to facilitate them by registering their details and organising deductions from their pay via payroll.
