TL;DR: A recent report from the Competition and Consumer Protection Commission (CCPC) shows that pension ownership in Ireland has risen by 17% since the launch of the Government’s auto-enrolment scheme. While 800,000 workers have joined the initiative, a notable gender gap persists, with one in five individuals still lacking retirement plans.
The latest research from the Competition and Consumer Protection Commission (CCPC) highlights a significant increase in pension ownership in Ireland, spurred by the introduction of the auto-enrolment scheme known as MyFutureFund. Since its inception in January this year, approximately 800,000 workers have been auto-enrolled, marking a 17% rise in overall pension ownership. However, despite this positive trend, a troubling 21% of adults still have no retirement plans in place, although this figure has seen a five-point decrease from 2025 when it stood at 26%.
The report also uncovers a stark gender gap in retirement planning. A quarter of women reported having no arrangements for retirement, compared to 17% of men. Furthermore, only 49% of women claim to understand pensions, in contrast to 63% of their male counterparts. This disparity raises questions about financial literacy and confidence in retirement planning. A mere two out of five respondents expressed confidence in their pensions providing a decent standard of living, while only one in three believed their savings would keep pace with inflation.
Gráinne Griffin, Ireland’s first Financial Literacy Ambassador and director of financial education at the CCPC, emphasized the need for consumers—especially women—to take a proactive approach. “Consumers avoid reviewing their pension statements, often lacking confidence about their future financial security,” she stated. Griffin advocates booking a short review with a financial planner, a step that could demystify complex pension statements.
Dermot Griffin, CEO of the National Automatic Enrolment Retirement Savings Authority (NAERSA), lauded the MyFutureFund initiative, noting that over €550 million has been invested on behalf of participants since January 2026. This shift towards automatic enrolment represents a move towards making retirement savings a standard aspect of the working lifecycle, he remarked, suggesting that people are increasingly viewing pensions as integral to their financial well-being.
However, the reasons behind the lack of pension arrangements remain diverse. Among younger individuals, 35% of those without a pension felt they were too young to start saving. In contrast, nearly 39% of those aged 35 to 54 said they simply hadn’t gotten around to it. For those aged 55 and above, 35% cited affordability as their primary concern.
While the auto-enrolment scheme mandates that employees earning over €20,000 be automatically included, they can opt out after six months. The employer matches employee contributions of 1.5%, with an additional government contribution of 0.5%. For those who opt out, their contributions are refunded, and they can voluntarily rejoin the scheme or be re-enrolled after two years if eligible.
It appears that even with the government’s best intentions, many still dawdle when it comes to planning for the less-than-exciting phase of life known as retirement. Let’s face it, retirement isn’t exactly the stuff of dreams for most millennials and Zoomers—they’re more concerned about paying for avocado toast today than ensuring a comfortable future. But perhaps it’s time to pick up the proverbial pension pamphlet instead of ignoring the mail.
Interestingly, did you know that Ireland has one of the highest levels of pension auto-enrolment participation in the European Union? With the rest of the EU still grappling with escalating pension crises, perhaps a dose of the Irish approach could inspire others to jump onboard the pension bandwagon—or at least look at their statements without turning into a deer in headlights.
