You can hold a PRSA and also have savings in MyFutureFund, but whether you contribute to both for the same job depends on how that employment is treated through payroll. Simply owning a PRSA does not automatically exempt an employment. The key questions are whether pension contributions are recorded through that payroll and whether the arrangement meets the current exemption standard.
Holding two pension accounts is not the same as contributing twice
A PRSA is an individual pension contract. It can remain in your name when you change jobs, even if contributions stop. MyFutureFund is the statutory automatic-enrolment savings system. Its participation rules use payroll and employment information.
This means an existing PRSA balance can remain invested while you contribute to MyFutureFund. It also means that a PRSA paid privately outside payroll should not be assumed to exempt your current employment. The exemption question looks at the pension contribution attached to that employment and the applicable standard.
The payroll test is central
For an employment to be treated as already covered, the pension contribution normally needs to be visible through payroll. Official MyFutureFund guidance says an employee may be enrolled for an employment where no pension contribution is paid through payroll and not enrolled for an employment where a qualifying contribution is paid through payroll.
From 1 January 2026, a defined contribution scheme or PRSA used to exempt an employment must meet a minimum total contribution of 3.5% of gross remuneration, including at least 1.5% from the employer. Gross annual remuneration is capped at €80,000 when that minimum standard is assessed. Defined benefit arrangements use a different standard.
Do not infer the result from the account name alone. Ask payroll to confirm what contribution is reported, which employment it relates to and whether the employer contribution meets the current standard.
Four common situations
| Situation | Likely question to resolve | What to check |
|---|---|---|
| You hold an old PRSA but no longer contribute | The old balance does not itself show current payroll coverage | Whether any pension contribution appears in payroll for the present employment |
| You pay a PRSA directly from your bank account | A private payment may not exempt the employment | Whether the contribution is recorded through payroll and meets the exemption standard |
| You and your employer contribute to a PRSA through payroll | The employment may be exempt if the current minimum standard is met | Total and employer percentages, pay period, gross remuneration and payroll reporting |
| You have two jobs | One employment can be exempt while the other is enrolled | Pension contributions and gross pay for each employment separately |
What happens if you join a workplace pension after enrolment?
Official employer guidance says that once an occupational pension or qualifying PRSA contribution becomes visible on the payslip, that employment can become exempt. There can be an overlap while payroll data is processed. Where qualifying contributions overlap, the employer can use the MyFutureFund process to request a refund of overlapping employer and employee contributions.
The exemption is not a permanent label on the employee. MyFutureFund guidance describes a twelve-month payroll-based exemption. If qualifying pension contributions are no longer visible after that period and the employee still meets the eligibility conditions, re-enrolment can follow.
PRSA and MyFutureFund contributions are structured differently
| Feature | PRSA | MyFutureFund in 2026 |
|---|---|---|
| Contribution rate | Chosen within contract, payroll, affordability and tax rules | 1.5% employee, 1.5% employer and 0.5% State on eligible gross pay |
| Employee support | Personal contributions may receive Income Tax relief within the relevant limits | State top-up is used instead of ordinary employee pension tax relief |
| Employer payment | Depends on employment terms; separate employer PRSA limits apply | Employer matches the statutory employee rate |
| Flexibility | Contract may allow contributions to change or stop | Rates are fixed by the statutory schedule |
| Employment link | The contract belongs to the individual and can continue across jobs | Enrolment and contributions are assessed by employment |
Illustrative 2026 MyFutureFund contribution
Assume one eligible employment pays €40,000 of gross pay during 2026 and all pay is within the scheme ceiling. The employee contribution would be €600, the employer would contribute €600 and the State would add €200. The total added before investment movement would be €1,400.
This is a contribution illustration rather than a comparison of eventual outcomes. A PRSA comparison would need the actual employer contribution, employee tax rate, charges, investment options, access rules and services. Do not compare €1 of State top-up with €1 of tax relief without considering the complete arrangement.
Questions to ask before changing either arrangement
- Which employment is enrolled or exempt?
- Does my payslip show a pension contribution for that employment?
- What percentage comes from me and what percentage comes from my employer?
- Does the arrangement meet the current MyFutureFund exemption standard?
- Will an old PRSA remain invested if contributions stop?
- What tax relief or State top-up applies to each contribution?
- What charges, funds, risk choices and retirement rules apply?
- Could an overlap or payroll delay require a review or refund request?
- What facts would a qualified advisor need before making a personal recommendation?
Where to check your position
Start with the current payslip and the MyFutureFund participant portal. Then obtain the PRSA schedule or statement showing the policy owner, payer, contribution route and charges. If the payroll record appears wrong, use the statutory review process rather than trying to restructure contributions based on an assumption.
Read the MyFutureFund guide for the eligibility and contribution framework, then use the PRSA guide to compare the contract features. Employers can organise the workforce questions with the workplace pension route planner.
Can I keep an old PRSA after joining MyFutureFund?
Yes. An existing PRSA can remain in your name and invested. Whether you continue contributing is separate from whether an employment is enrolled in MyFutureFund.
Does paying a PRSA from my bank account stop auto-enrolment?
Do not assume it does. MyFutureFund uses payroll information for employment coverage, and the current exemption standard includes a minimum employer contribution.
Can I be in MyFutureFund for one job but not another?
Yes. An employment with a qualifying pension contribution through payroll can be exempt while another employment without qualifying payroll coverage can be enrolled.
Can I choose to pay more into MyFutureFund?
No. MyFutureFund employee and employer contributions follow fixed statutory rates. Separate pension saving may be possible, but its tax and suitability position depends on the arrangement and your circumstances.
Which is better, a PRSA or MyFutureFund?
There is no universal answer. Compare employer funding, employee support, charges, investments, flexibility, retirement rules and the value of any workplace benefits before a personal recommendation is made.
Compare your actual payroll and pension position.
Tell us about your employment, PRSA and MyFutureFund questions. We’ll use your information to match your enquiry with an advisor from our panel whose experience is relevant to your needs.
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