Pensions
MyFutureFund or a PRSA (personal pension): which gives you more?
Last updated 16 October 2026
MyFutureFund adds an employer match and a State top-up. A personal pension (PRSA) gets relief at 20% or 40%. Without employer money, MyFutureFund usually wins.
If you pay into a Personal Retirement Savings Account (PRSA) or company pension through payroll, that job is taken out of auto-enrolment. So the real choice is between two packages, not two products.
What each one adds to your money
- MyFutureFund: your employer must match your contribution, and the State adds €1 for every €3 you pay. There is no tax relief.
- A PRSA: your contribution gets income tax relief at your top rate, 20% or 40%. Your employer doesn't have to pay in anything.
For every €3 you pay into MyFutureFund, €7 goes in. For a 40% taxpayer, €3 of take-home pay buys €5 in a PRSA; for a 20% taxpayer, €3.75. Unless your employer adds to the PRSA, MyFutureFund puts more in for the same cost.
A worked comparison
Someone aged 40 earning €60,000 a year, staying in until 66, with 5% growth a year before charges (1% a year on the PRSA). The PRSA contribution is set so it costs the same after tax relief as their MyFutureFund contribution each year.
| At 66 | MyFutureFund | PRSA |
|---|---|---|
| No employer payment into the PRSA | €322,078.47 | €204,146.30 |
| Employer pays €1,800 a year into the PRSA | €322,078.47 | €284,827.36 |
| Same, but earning €35,000 (relief at 20%), no employer payment | €187,260.04 | €89,314.02 |
The rates for MyFutureFund rise from 1.5% each now to 6% from 2035, so the gap grows over time. With an employer paying into the PRSA, the answer can flip.
Other differences
- With a PRSA you choose the provider and the funds.
- PRSA charges vary by provider. MyFutureFund charges 55c a week while you contribute, plus investment charges averaging a little under 0.04% a year.
- With a PRSA you can pay more than the minimum, up to the age-related limit, and get relief on it.
Compare your own figures with the MyFutureFund or PRSA calculator.
Work it out
Sources
- Citizens Information: Auto-enrolment pension: MyFutureFund (eligibility, contribution rates, €80,000 earnings limit) (checked 25/10/2026)
- Revenue: Tax relief on pension contributions: overview (relief at your marginal rate, no USC or PRSI relief) (checked 20/10/2026)
- Revenue: Tax relief limits on pension contributions (age-related percentages, €115,000 earnings limit) (checked 25/10/2026)
- Department of Social Protection: Minister Dara Calleary gives update on MyFutureFund (administration fee 55 cent a week while contributing; investment fees just under 0.04%) (checked 25/10/2026)
General information, not tax advice. HeyPenny is not a tax agent.