Pension ownership among the 45-54 age group has seen a decline, according to the annual survey conducted by the CCPC. The survey, which polled 757 individuals, revealed that 76% of people in this age group currently have a pension, indicating a sharp decrease from the 85% reported in 2022.
Among those who don’t have a pension, 25% cited affordability as the primary reason for not contributing to one. Grainne Griffin, the CCPC’s director of communications, expressed concern about the significant number of people entering retirement without a pension. She emphasized that it’s never too late to start saving for retirement and a few years can make a difference.
While the rising cost of living may lead some to delay starting a pension, Griffin emphasized that the earlier one starts, the more impact their savings can have. She added that no contribution is too small and highlighted the effectiveness of pensions as a savings mechanism.
The survey also found strong support for auto-enrolment pensions, a long-delayed initiative. Auto-enrolment involves automatically enrolling almost all employees into a pension once they begin working, with contributions coming from the employees, their employers, and the state. Despite previous delays, the scheme received positive feedback in the CCPC survey, with 79% of individuals under 25 expressing willingness to contribute to a compulsory pension scheme.
Women were more likely than men to opt into the scheme, as only 16% of women stated they would opt out. This support for auto-enrolment was seen across various demographics, indicating that people recognize the importance of planning for retirement.
Griffin concluded that the survey brought forth positive findings, particularly regarding the strong levels of support for auto-enrolment. She emphasized that these results highlight people’s understanding of the need to plan for retirement.
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