Is the State top-up better than tax relief?

The State adds €1 for every €3 you pay into MyFutureFund. A personal pension (PRSA) gets relief of 20% or 40% of what you pay. For each €1,000 of take-home pay, a 40% taxpayer gets €1,666.67 into a PRSA. Into MyFutureFund it's €1,333.33, before the employer's match.

What do I lose by leaving auto-enrolment?

Your employer's match and the State top-up, unless your employer pays into your personal or work pension instead. Paying into a pension through payroll for that job takes you out of MyFutureFund.

Pensions

MyFutureFund or a PRSA?

Compare staying in MyFutureFund with paying into a Personal Retirement Savings Account (PRSA) through payroll, for the same cost to you after tax relief.

Self-assessment tool. The figures come from your own answers. It isn't advice, and you're responsible for what you file or claim. heypenny.ie is a trading name of Kinch Press. Read the disclaimer.

Common questions

Is the State top-up better than tax relief?: The State adds €1 for every €3 you pay into MyFutureFund. A personal pension (PRSA) gets relief of 20% or 40% of what you pay. For each €1,000 of take-home pay, a 40% taxpayer gets €1,666.67 into a PRSA. Into MyFutureFund it's €1,333.33, before the employer's match.
What do I lose by leaving auto-enrolment?: Your employer's match and the State top-up, unless your employer pays into your personal or work pension instead. Paying into a pension through payroll for that job takes you out of MyFutureFund.

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