Letterkenny company's national pension rollout 'will provide financial security'
People who do not have a pension scheme, earn more than €20,000 per year and are aged between 23 and 60 will be automatically enrolled into the new system
Donegal Minister of State, Charlie McConalogue, says the new national pension scheme that will be launched in January 2026 and managed by Tata Consultancy Services (TCS) in Letterkenny, will provide long-term financial security for thousands of workers across the county.
“The Auto Enrolment Scheme, My Future Fund, is a game changer for employees in Donegal and I’m glad employers are being supported in this too,” the Minister of State for Sport and Postal Policy said.
People who do not have a pension scheme, earn more than €20,000 per year and are aged between 23 and 60 will be automatically enrolled into the new system. This means that they will have extra money when they retire and won’t have to rely on the state pension alone.
An extra benefit to employees is that their employer and the State will also contribute – for every €3 that an employee puts in, the employer will also put in €3, and the State will top up by €1. This means that for every €3 contributed by the employee, €7 will be put into the employee’s account.
“This represents real progress by Fianna Fáil in Government on something that’s been talked about for years. I’m glad to see My Future Fund moving forward and I look forward to working with Minister Dara Calleary to make sure it works well for both workers and employers here in Donegal,” Minister McConalogue commented.
“Last year, TCS in Letterkenny was selected to manage the state’s new automatic enrolment pension and this was a major boost for the company and the region. Hopefully, this contract will see the creation of more jobs at TCS in Letterkenny in the years ahead."
A national multimedia awareness campaign was launched this week, featuring targeted communications for workers, employers, and payroll providers. Administrative processes will be streamlined to minimise costs and burdens for both employers and employees, with the system managed centrally by the National Automatic Enrolment Retirement Savings Authority (NAERSA).