Looking Beyond Auto-Enrolment: A Smart Alternative

The New Ireland Master Trust provides an easy and efficient way to manage a company pension plan including quick plan set up and easy onboarding of members.

The introduction of the Government’s new My Future Fund auto-enrolment retirement savings system on 1st January 2026 brings significant responsibilities (and financial overhead) for employers. But do you know that there may be a more suitable alternative for you and your employees?

The master trust alternative

It will be mandatory to enrol in scope employees into a pension plan, but employers can choose whether to enrol them into the My Future Fund scheme or into an occupational (company) pension plan (or a Personal Retirement Savings Account (PRSA)).

In many cases, a master trust company pension plan – a defined contribution pension plan designed for multiple non-associated employers under one trust arrangement – is an ideal solution. This is especially true for employees who pay tax at the higher rate. 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 separately and reflects their plan design preferences.

Plan for long-term success

This is a real opportunity for employers to take a proactive approach to pension planning, looking beyond the 1st of January deadline to 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 on a regular basis.

The New Ireland Master Trust – a tailored, efficient solution

The New Ireland Master Trust, powered by our MyPension365 digital platform, offers employers a flexible and efficient pension solution. With customisable contribution structures, investment options, and retirement benefits, employers can design a plan that aligns with the financial needs and profile of their workforce and the strategic direction of their business.

Our market-leading technology has transformed how pensions are administered. Employers save time with automated processes, self-service tools, and real-time data and transactional capability. Onboarding employees can be processed in real-time. While traditionally it could take months to set up a company pension plan, with MyPension365, your company plan can go live in days, with the benefits and efficiencies felt far beyond the initial stages. 

Having worked closely with many finance and HR leaders to review their existing plans, we see the New Ireland Master Trust as being an ideal solution for many employers. 

A closer deadline than you might think

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.

The importance of advice

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. Whether you’re reviewing an existing plan or thinking of setting a new one up, you should consult with your Financial Broker or Advisor to explore the best options.