Two-thirds (66%) of finance professionals want the government to do more to support businesses to prepare for the roll-out of the pension auto-enrolment scheme, according to accountancy body ACCA Ireland.

The introduction of the My Future Fund scheme, which would see employers and the State contribute towards private pensions for workers, was recently delayed from the end of September to the start of 2026.

Stephen Noonan, head of ACCA Ireland, said "it is crucial that this additional time is used by the government to work collaboratively with the business community to ensure that My Future Fund delivers security and prosperity to all employees.”

Some 64% of the businesses surveyed agreed that allowing more time for companies to prepare for auto-enrolment was the correct decision.

A further 55% of SMEs are currently unprepared to implement pension auto-enrolment, with 56% of respondents stating they were financially underprepared for retirement, highlighting the importance of accessible pension schemes and planning for the future.

The My Future Fund auto-enrolment pension scheme was initially approved by the Oireachtas in July 2024 with the aim of helping over 800,000 workers to begin saving for their retirement.

“We would urge businesses throughout the country who have yet to take steps around fulfilling their obligations in the auto-enrolment process to seek guidance from accountancy and finance professionals ahead of the deadline and ensure that their firms are ready to implement this new scheme in January," Noonan concluded.

Photo: Stephen Noonan. (Pic: Supplied)