Looking beyond auto-enrolment: a smarter pension solution
In many cases, a master trust company pension plan is an ideal solution for both employers and employees. This is especially true for employees who pay tax at the higher rate.
With the Government’s new My Future Fund auto-enrolment retirement savings system set to launch on 1st January 2026, most employers know that they may have significant responsibilities (and financial overheads) coming their way soon.
But do you know what that will actually involve? And equally as important, do you know that there may be a more suitable alternative for you and your employees?
While it will be mandatory to enrol in scope employees into a pension plan, employers can choose whether to enrol eligible employees into the My Future Fund scheme or into an occupational (company) pension plan (or a Personal Retirement Savings Account (PRSA).
Employers and employees must be fully aware of all options available to them and how these compare against the My Future Fund scheme to ensure that they are in the right pension arrangement for them.
In many cases, a master trust company pension plan is an ideal solution for both employers and employees. This is especially true for employees who pay tax at the higher rate.
A master trust is a defined contribution pension plan designed for multiple non-associated employers under one trust arrangement.
Employers have peace of mind knowing that regulatory and governance responsibilities are looked after within the master trust, but each employer's plan is administered entirely separately and reflects their plan design preferences.
While the launch of auto-enrolment brings retirement provision for employees into focus, this is a real opportunity for employers to take a proactive approach to ensure that the pension arrangement they have in place is tailored to their needs and aspirations as an organisation.
It’s also an opportunity to look beyond the 1st of January deadline and set up a plan that will continue to deliver into the future, not only for existing plan members but also as new employees join the plan regularly.
The New Ireland Master Trust, powered by our MyPension365 company pensions digital platform, gives employers greater control, flexibility, and personalisation.
MyPension365 empowers employers and their advisors to design customised pension plans that are designed to suit each employer’s industry and employee demographics.
This is achieved through tailored contribution structures, investment options, and retirement benefits. This flexibility ensures that employers can align pension plans with the profiles of their employees, making the plan design process both strategic and adaptable to industry-specific requirements.
The market-leading technology of our MyPension365 platform has transformed how pensions are administered. Employers save time with automated processes, transactional capability, real-time data, and self-service tools.
While traditionally it could take months to set up a company pension plan, with MyPension365, your company plan can go live in days. Onboarding employees can be processed in real-time. The benefits and efficiencies are felt far beyond the initial stages.
Smooth payroll and HR connectivity ensures accurate administration, saving valuable time, minimising the risk of mistakes and ensuring a smooth and efficient workplace pension.
While the My Future Fund auto-enrolment retirement savings system will commence on 1st January 2026, the look-back to determine eligibility for the scheme will take place in early December.
So if you plan to use an alternative to auto-enrolment, a contribution to a pension arrangement will need to show on an employee’s November payslip to avoid being automatically enrolled in My Future Fund in January.
With MyPension365’s rapid plan set-up capability, this deadline can still be met.
There’s a lot to think about, and as we get closer to the auto-enrolment go-live date, it’s important to get the relevant information and the right advice to make the best choice for you.
This is a great time to review your existing pension plan (or consider setting one up), not only to be compliant, but also to ensure that your plan meets your needs both now and into the future, provides the efficiencies you need, and stands out as a best-in-class offering to your employees.
Having worked closely with many finance and HR leaders to review their existing plans, we see the New Ireland Master Trust, backed by our market-leading MyPension365 digital platform technology as being an ideal solution for many employers.
Your Financial Broker or Advisor can help you navigate the complexities of pension planning and tailor a solution that aligns with your company’s goals and the needs of your workforce.
For more on the New Ireland Master Trust, including a comparison of The New Ireland Master Trust versus auto-enrolment, visit .
New Ireland Assurance Company plc is regulated by the Central Bank of Ireland. A member of Bank of Ireland Group.
