We are approaching the 4-month mark since the introduction of the new Autoenrolment scheme, now known as MyFuture Funds. The pension savings scheme obliges workers on lower wages to start saving for their retirement by deducting a small amount from their salaries, which is topped up by their employers and the State. Although Ireland was one of the last countries in Europe to introduce such a scheme, it’s a big undertaking, and we don't yet know what the official take-up has been. It comes as the government is hoping to get us to save less and invest more through a proposed new Savings & Investment scheme.

Shane O'Farrell is Director of Employer Solutions with Irish Life and joined Joe Lynam on the show this morning.