Company pensions must move beyond participation to preparedness
The New Ireland Master Trust, along with its digital pensions platform MyPension365, is helping members achieve better retirement outcomes.
of New Ireland Assurance, explains the importance of giving pension members a comprehensive understanding of their pension
Ireland has entered a new era of workplace pension saving with the introduction of the MyFutureFund auto-enrolment scheme.
Much of the focus so far has understandably been on participation, with many more employees now saving for their retirement. While this is a significant step forward for retirement provision in Ireland, it is only the starting point.
The real challenge facing employees, employers, trustees and pension providers is adequacy.
Having a pension does not automatically translate into a comfortable retirement. In a Defined Contribution (DC) arrangement, outcomes are not guaranteed. They depend on the decisions members make throughout their working lives, from contribution levels and investment choices to how actively they engage with their retirement planning.
As a result, helping members understand and engage with their pension has become one of the most important factors in improving retirement outcomes.
Historically, employers selected pension arrangements based on governance, administration, investment design and value for money. Increasingly, employers are also asking: How will this arrangement help my employees achieve better retirement outcomes?
The development of the New Ireland Master Trust has been closely aligned with the evolution of MyPension365, our digital pensions platform. The result is a proposition that combines governance, investment oversight, targeted member communications, digital engagement and support services into a single ecosystem designed around helping members achieve better retirement outcomes.
We believe positive retirement outcomes are the result of consistent decisions made over decades and, critically, the quality of support and engagement members receive throughout their retirement savings journey. We view engagement as one of the primary mechanisms for helping to improve pension adequacy.
For many employees, pensions remain one of the least understood financial products they own. Retirement can feel distant and abstract, particularly for younger workers balancing mortgages, childcare costs, rent and other day-to-day financial commitments. Pensions are often pushed down the priority list until much later in life.
Yet some of the most important retirement decisions are made during these early and middle career years. Even relatively small increases in contributions, made early enough, can have a significant impact on retirement outcomes. Equally, delaying engagement can leave members with fewer options and greater financial pressure as retirement approaches. Helping members understand this reality is a critical component of pension adequacy.
Most employees understand the value of their monthly salary. Far fewer appreciate the value of the employer pension contribution. Over a working lifetime, however, employer contributions can amount to one of the most valuable benefits an employee receives, often representing a substantial investment in their long-term financial future.
When employees begin to understand this value, perceptions change. The pension becomes more than a deduction on a payslip. It becomes a meaningful and valued part of the overall reward package. This greater appreciation not only benefits retirement outcomes but can also strengthen employee engagement, support retention strategies and reinforce an employer's commitment to their employees’ financial wellbeing. However, awareness and appreciation do not happen automatically.
Traditional pension communications, often centred around annual benefit statements, are no longer sufficient. Today's members expect a more personalised, accessible and digital experience. They expect information to be relevant, easy to understand and available when they need it.
This philosophy sits at the heart of the New Ireland Master Trust engagement strategy. Through MyPension365, members have access to a comprehensive programme designed to support them throughout every stage of their retirement savings journey. The platform combines personalised communications, retirement planning tools, educational content, videos, webinars, digital support services and self-service functionality, helping make retirement planning more accessible and understandable.
Importantly, the programme is built around behavioural engagement rather than simply information sharing. Members receive different support depending on their life and career stage. The needs of someone joining a pension scheme for the first time are very different from those of a member approaching retirement. By delivering relevant content at meaningful decision points, we can help turn pension awareness into pension action.
For employers, the benefits extend beyond member engagement. A better-informed workforce typically places fewer routine pension queries on HR and payroll teams, while greater appreciation of the pension benefit supports broader employee wellbeing initiatives.
The challenge facing the industry is no longer simply getting people into pensions. It is ensuring they understand the pension they have, appreciate the contribution their employer is making and take meaningful action throughout their career to improve their retirement prospects. That is a challenge the New Ireland Master Trust was designed to address.
For more on the New Ireland Master Trust visit
As of September 2026. While great care has been taken in its preparation, this article is of a general nature and should not be relied on in relation to specific issues without appropriate financial, insurance, investment or other professional advice. This content is for information purposes only and does not constitute an offer or recommendation to buy or sell any investment or to subscribe to any investment management or advisory service.
