New research from the Competition and Consumer Protection Commission (CCPC) has shown a concerning trend in pension planning across Ireland: more adults are reaching mid-life and beyond without any retirement strategy in place. According to the study, 26% of Irish adults have no retirement plan at all – an increase on previous years – and many of those who do have a pension lack confidence in its ability to support them later in life. The findings suggest that despite years of public discussion around pension adequacy, the gap remains stubbornly wide.

Among the most striking results is the rise in people expecting to rely solely on the State Pension. Of the adults without any retirement plan, 61% now believe they will depend entirely on the State payment in later life. This figure has grown significantly over the past three years, pointing to a shift away from private arrangements and a greater vulnerability among those who delay long-term planning. The CCPC also noted that expectations around rental income in retirement have collapsed, dropping sharply as fewer people see property as a realistic or stable source of future support.

The research reveals consistent regret among pension holders, with one in three wishing they had begun contributing earlier. Many say they still don’t fully understand how pensions work, and a large majority have never spoken to a financial advisor about their options. This lack of engagement appears to be contributing to rising uncertainty. Even among those who do have pensions, confidence is low: more than half say they are unsure whether their pension will provide them with a good standard of living when they eventually retire.

Younger adults remain the least engaged, with just 18% of 18–24-year-olds holding a pension. While this isn’t entirely surprising given their stage of life, the more troubling figure lies in the 45–54 age group, where 21% also have no retirement arrangements in place. With only one or two decades left before retirement age, these individuals face far greater challenges in catching up. Affordability continues to be cited as the main barrier, though the proportion of people saying they cannot afford a pension has fallen slightly since last year. A sizeable group also admit that they simply haven’t got around to it yet, indicating that procrastination remains a major contributor to the pension gap.

The study also highlights changing attitudes towards retirement age itself. Fewer people expect to finish working at 65, and around one in five now anticipate working until 70 or beyond. This trend could reflect financial necessity, shifting lifestyle expectations, or uncertainty about the future adequacy of pension incomes.

Alongside the CCPC findings, financial service providers have emphasised the importance of reviewing options now, particularly with the new auto-enrolment system scheduled to begin in January 2026. Employers will have to assess employee eligibility well in advance, and many are already considering how auto-enrolment compares to existing private pension schemes. While auto-enrolment will significantly improve coverage, private pension schemes may still offer greater tax relief, flexibility, and access to advice. Employees in private schemes generally have more control over contributions, investment choices, and how they draw down benefits later in life. By contrast, the auto-enrolment structure is expected to be more restrictive, with limited advisory support.

For individuals, the message from both the CCPC and financial advisors is unmistakable: taking action early – even modest action – can make a substantial difference later on. The growing proportion of Irish adults who feel unprepared highlights the importance of understanding pension choices, seeking advice, and making informed decisions well before retirement age approaches. The data shows clearly that delaying comes with consequences, while even small, consistent contributions can build financial confidence over time. As Ireland prepares for the rollout of auto-enrolment, this year’s research serves as an important reminder that planning for retirement isn’t just a financial task—it’s a long-term commitment to future quality of life.

For any help you might want with pensions or other financial topics, give us a call on 01 541 1446.