‘Concerning gaps’ in pension coverage – CCPC
The Competition and Consumer Protection Commission (CCPC) has said that research it has carried out into pensions has revealed some concerning gaps in retirement planning.
The survey of 757 people showed that one-in-ten 45-64 year olds do not have a pension.
Pension ownership among the 45-54 age group stands at 76%, a sharp decline since 2022, when 85% of this group had a pension.
The study showed that one-in-four of those without a pension say they cannot afford to start one.
Some 64% of respondents said they have a pension and 69% said they would be happy to pay into a compulsory pension scheme.
Auto-enrolment, where a pension is automatically set up and deducted from wages or salary once an individual starts paid employment, is due to be introduced in Ireland in 2024.
The research shows strong support for auto-enrolment across age groups, with 79% of under 25s – the group least likely to already have a pension – saying they would be happy to pay into a compulsory pension scheme.
“It’s very positive that two-thirds have started a pension, and that number will grow once auto-enrolment is introduced,” said Grainne Griffin, CCPC Director of Communications.
“However, it’s important that people don’t see their pension as a box to tick and forget about – you need to make sure your pension is enough to fund the retirement you want.
“Reviewing your pension can also save you money. Especially if you have an older pension, you may be paying much higher charges than needed, so it’s a good idea to check your pension now and question any charges.”