Mr Calleary made the comments to more than 350 attendees at a webinar hosted by business law firm Mason Hayes & Curran.

The event focused on My Future Fund, the State’s new retirement savings system that will automatically enrol over 800,000 workers from January.

The minister described it as “a landmark reform that will help hundreds of thousands of workers build a secure and comfortable retirement”.

He told the audience: “We are the last OECD country to do this, and we have to be ready. At present there are four workers for every person over 66. By 2050, there will be only two. Eight hundred thousand people have no pension other than the State pension, which is about €16,000 a year compared with an average industrial wage of €45,000. My Future Fund is about closing that gap.”

Stephen Gillick, partner and head of pensions at Mason Hayes & Curran, said the scheme represents “the most significant change to Ireland’s pension landscape in decades”.

He commented: “Employers now have a defined timeframe and a clear set of obligations. Our clients’ key questions are about implementation and communication, and the minister’s insights today provided practical direction on registration, payroll setup and employee engagement ahead of January.”

He said employers should now focus on three key actions before the rollout:

1. Register early: Set up the company profile on the My Future Fund portal once it opens on 1 December to avoid year-end bottlenecks.
2. Check payroll readiness: Confirm that payroll providers have enabled the My Future Fund deduction and matching contribution features.
3. Communicate with staff: Explain how the scheme works and highlight to employees what existing pension benefits are in place, and the approach being taken to help them to best save for retirement.

“Early preparation will make the transition smoother and help employers demonstrate compliance and good governance from day one,” he added.

Outlining how the system will work, the minister said: “From January, 1.5 per cent of an employee’s gross pay will be deducted automatically, matched by the employer and topped up by the State.

“For every €3 saved by a worker, the employer will add €3 and the State €1. Your €3 becomes €7, so it’s a deduction that actually makes you money and means a far better retirement.”

Employers will be able to register on the My Future Fund portal from 1 December 2025, with payroll integrations designed to minimise administration.

The minister continued: “We’ve learned from systems worldwide to reduce the burden on employers. The National Automatic Enrolment Retirement Savings Authority (NAERSA) will handle the heavy lifting.”

Concluding the session, Mr Calleary said success would mean auto-enrolment becoming part of normal working life.

“In 10 years’ time, I want My Future Fund to be as familiar as PRSI — something every worker recognises as part of planning for the future,” he said.