New CCPC research finds large jump in pension ownership, but only two in five expect a good standard of living
- Large increase in pension ownership following the introduction of MyFutureFund
- Significant gender gap in retirement planning
- Only two in five are confident their pension will provide a good standard of living in retirement
- 63% have never sought retirement advice from a financial adviser
- 25% of private pension holders report a low understanding of fees and charges
New research published today by the Competition and Consumer Protection Commission (CCPC) reveals that pension ownership has risen by 17% since 2025. The finding follows the introduction of the Government's MyFutureFund auto-enrolment scheme earlier this year. However, confidence in retirement outcomes remains low with just two in five sure that their pension will provide a good standard of living in retirement, while only one in three are confident their pension savings will keep pace with inflation.
Significant gender gaps exist in how men and women prepare for and think about retirement. Almost one quarter of women (24%) have no retirement arrangements in place, compared with 17% of men. Women are less likely to say they understand how pensions work (49% v 63%) and more likely to lack confidence in the standard of living they will have in retirement (32% v 23%).
Gráinne Griffin, Director of Financial Education at the CCPC and Ireland’s first Financial Literacy Ambassador, said:
“Our research shows that consumers avoid reviewing their pension statements and too often are not confident that their pension will allow a good standard of living in retirement. We are encouraging consumers, particularly women, to review their pension and remind them that they don’t need to do it alone.
“Pension statements can be long, complicated and hard to understand so it’s very easy to just avoid them. But you don’t need to become an expert – book a short review with a financial planner or a financial advisor to check that your pension arrangements are suitable for both your current budget and your future hopes and dreams."
In line with previous years, most consumers (63%) have never had a one-to-one conversation with a financial adviser about retirement. Among those who sought advice, around one third (32%) did so through their employer. The research also highlights a low level of understanding of pension fees and charges among private pension holders, with one quarter (25%) reporting limited knowledge, and 6% unaware there were any charges associated with their pension at all.
Gráinne Griffin added:
"Employers also play a powerful role in their employees financial wellbeing. For those consumers who have sat down with a financial adviser and discussed their retirement plans, our research shows that they’re most likely to have been connected to that financial adviser by their employer. Also, employers that offer to match higher pension contributions make employees much more likely to increase their own level of investment in their pension.”
Dermot Griffin, CEO of the National Automatic Enrolment Retirement Savings Authority (NAERSA), said:
“I welcome the findings in the CCPC report. This is great news for workers in Ireland and reflects the positive impact since the introduction of MyFutureFund in January 2026.
“By the end of August over 800,000 participants were enrolled in MyFutureFund, with new participants joining each week. In addition, over 10,000 people have opted in to MyFutureFund since 1 January 2026. Retirement savings of over €550 million have been invested on behalf of participants.
“I want to express my thanks to everyone that has helped ensure auto-enrolment and retirement saving has become a normal part of people’s working lives.”
For more information on pensions, including guides and explainer videos, visit www.ccpc.ie/pensions.
