{"id":46272,"date":"2023-09-04T07:55:05","date_gmt":"2023-09-04T06:55:05","guid":{"rendered":"https:\/\/www.ccpc.ie\/business\/?p=46272"},"modified":"2023-09-29T12:13:07","modified_gmt":"2023-09-29T11:13:07","slug":"check-your-pension-urges-ccpc-on-foot-of-new-research","status":"publish","type":"post","link":"https:\/\/ccpc.inventise.ie\/business\/check-your-pension-urges-ccpc-on-foot-of-new-research\/","title":{"rendered":"Check your pension, urges CCPC on foot of new research"},"content":{"rendered":"

A Competition and Consumer Protection Commission (CCPC) survey of 757 people has revealed some concerning gaps in retirement planning.<\/p>\n

1 in 10 aged 45-64 do not have a retirement plan<\/strong><\/strong><\/p>\n

While most of those with insufficient retirement planning are from younger age groups, around 1 in 10 of 45 to 64 year olds do not currently have any form of retirement planning.<\/p>\n

CCPC Director of Communications Grainne Griffin said,<\/p>\n

\u201cIt\u2019s concerning that such a significant cohort of people could enter retirement without a pension. It\u2019s never too late to start a pension; it\u2019s a very effective form of saving, and even a few years can make a difference.\u201d<\/p><\/blockquote>\n

1 in 4 of those without a pension say they can\u2019t afford to start one<\/strong><\/p>\n

Grainne Griffin stated,<\/p>\n

\u201cWith the cost of living rising, it\u2019s understandable that some may choose to delay starting a pension. While it\u2019s never too late to start a pension, the earlier you start, the further your money will go. No contribution is too small.\u201d<\/p><\/blockquote>\n

64% have a pension<\/strong><\/p>\n

69% would be happy to pay into a compulsory pension scheme<\/strong><\/p>\n

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. There is strong support for auto-enrolment across age groups, with 79% of under 25s \u2013 the group least likely to already have a pension \u2013 saying they would be happy to pay into a compulsory pension scheme.<\/p>\n

Women are more likely than men to opt in, with only 16% of women saying they would opt out of such a scheme.<\/p>\n

Grainne Griffin said,<\/p>\n

\u201cThere were some particularly positive findings from this research. We were happy to see that a majority of people over 18 have a pension, and it is encouraging to see strong levels of support for auto-enrolment across demographics. This shows that people recognise the need to plan for retirement.\u201d<\/p><\/blockquote>\n

57% plan to use cash savings to support their retirement<\/strong><\/p>\n

In light of inflation and the low rate of return on savings, the CCPC expressed concerns with increased intentions to use cash savings to fund retirement.<\/p>\n

As pensions are long-term investments and pension contributions are subject to tax relief, money put into a pension will usually go further than the same amount put into savings.<\/p>\n

Risk of pension inadequacy with increased cost of living and decreased home ownership<\/strong><\/p>\n

Grainne Griffin said,<\/p>\n

\u201cIt\u2019s very positive that two-thirds have started a pension, and that number will grow once auto-enrolment is introduced. However, it\u2019s important that people don\u2019t see their pension as a box to tick and forget about \u2013 you need to make sure your pension is enough to fund the retirement you want.<\/p>\n

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\u2019s a good idea to check your pension now and question any charges.<\/p>\n

Ideally we would all review our pensions every year, but this becomes more and more important the closer we get to retirement. If you\u2019re retiring in the next 10 years, talk to a financial advisor now to check your pension adequacy.\u201d<\/p><\/blockquote>\n

This research was conducted by Ipsos on behalf of the Competition and Consumer Protection Commission (CCPC). Interviews were conducted with 757 adults aged 18+ who are not yet retired.<\/p>\n

For more information read the CCPC pensions research 2023<\/a>.<\/p>\n

The CCPC and financial education:<\/strong> The Competition and Consumer Protection Commission (CCPC) has a statutory role in relation to financial information and the development of financial education and capability in Ireland. The CCPC carries out this role by conducting public awareness campaigns on personal finance issues, supporting the development of financial education programmes for all ages, and providing free, independent financial comparison tools and personal finance information on our website.<\/p>\n","protected":false},"excerpt":{"rendered":"

A Competition and Consumer Protection Commission (CCPC) survey of 757 people has revealed some concerning gaps in retirement planning. 1 in 10 aged 45-64 …<\/p>\n","protected":false},"author":217,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-46272","post","type-post","status-publish","format-standard","hentry","category-news"],"acf":[],"yoast_head":"\nCheck your pension, urges CCPC on foot of new research - CCPC Business<\/title>\n<meta name=\"description\" content=\"The Competition and Consumer Protection Commission is an independent statutory body that enforces competition and consumer protection law in Ireland\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Check your pension, urges CCPC on foot of new research - CCPC Business\" \/>\n<meta property=\"og:description\" content=\"The Competition and Consumer Protection Commission is an independent statutory body that enforces competition and consumer protection law in Ireland\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ccpc.ie\/business\/check-your-pension-urges-ccpc-on-foot-of-new-research\/\" \/>\n<meta property=\"og:site_name\" content=\"CCPC Business\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-04T06:55:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-29T11:13:07+00:00\" \/>\n<meta name=\"author\" content=\"kevinloughran\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"kevinloughran\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ccpc.ie\/business\/check-your-pension-urges-ccpc-on-foot-of-new-research\/\",\"url\":\"https:\/\/www.ccpc.ie\/business\/check-your-pension-urges-ccpc-on-foot-of-new-research\/\",\"name\":\"Check your pension, urges CCPC on foot of new research - CCPC Business\",\"isPartOf\":{\"@id\":\"https:\/\/ccpc.inventise.ie\/business\/#website\"},\"datePublished\":\"2023-09-04T06:55:05+00:00\",\"dateModified\":\"2023-09-29T11:13:07+00:00\",\"author\":{\"@id\":\"https:\/\/ccpc.inventise.ie\/business\/#\/schema\/person\/57a96aa7417a63a0e2dfe075b792c532\"},\"description\":\"The Competition and Consumer Protection Commission is an independent statutory body that enforces competition and consumer protection law in Ireland\",\"breadcrumb\":{\"@id\":\"https:\/\/www.ccpc.ie\/business\/check-your-pension-urges-ccpc-on-foot-of-new-research\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.ccpc.ie\/business\/check-your-pension-urges-ccpc-on-foot-of-new-research\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.ccpc.ie\/business\/check-your-pension-urges-ccpc-on-foot-of-new-research\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.ccpc.ie\/business\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Check your pension, urges CCPC on foot of new research\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ccpc.inventise.ie\/business\/#website\",\"url\":\"https:\/\/ccpc.inventise.ie\/business\/\",\"name\":\"CCPC Business\",\"description\":\"The Competition and Consumer Protection Commission\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ccpc.inventise.ie\/business\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/ccpc.inventise.ie\/business\/#\/schema\/person\/57a96aa7417a63a0e2dfe075b792c532\",\"name\":\"kevinloughran\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/ccpc.inventise.ie\/business\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/8b201bc89fc59a28b5f2633fee5d109c31366ea62cc9c110e2d7bacfb3d13263?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/8b201bc89fc59a28b5f2633fee5d109c31366ea62cc9c110e2d7bacfb3d13263?s=96&d=mm&r=g\",\"caption\":\"kevinloughran\"},\"url\":\"https:\/\/ccpc.inventise.ie\/business\/author\/kevinloughran\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Check your pension, urges CCPC on foot of new research - CCPC Business","description":"The Competition and Consumer Protection Commission is an independent statutory body that enforces competition and consumer protection law in Ireland","robots":{"index":"noindex","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"og_locale":"en_GB","og_type":"article","og_title":"Check your pension, urges CCPC on foot of new research - CCPC Business","og_description":"The Competition and Consumer Protection Commission is an independent statutory body that enforces competition and consumer protection law in Ireland","og_url":"https:\/\/www.ccpc.ie\/business\/check-your-pension-urges-ccpc-on-foot-of-new-research\/","og_site_name":"CCPC Business","article_published_time":"2023-09-04T06:55:05+00:00","article_modified_time":"2023-09-29T11:13:07+00:00","author":"kevinloughran","twitter_card":"summary_large_image","twitter_misc":{"Written by":"kevinloughran","Estimated reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.ccpc.ie\/business\/check-your-pension-urges-ccpc-on-foot-of-new-research\/","url":"https:\/\/www.ccpc.ie\/business\/check-your-pension-urges-ccpc-on-foot-of-new-research\/","name":"Check your pension, urges CCPC on foot of new research - CCPC Business","isPartOf":{"@id":"https:\/\/ccpc.inventise.ie\/business\/#website"},"datePublished":"2023-09-04T06:55:05+00:00","dateModified":"2023-09-29T11:13:07+00:00","author":{"@id":"https:\/\/ccpc.inventise.ie\/business\/#\/schema\/person\/57a96aa7417a63a0e2dfe075b792c532"},"description":"The Competition and Consumer Protection Commission is an independent statutory body that enforces competition and consumer protection law in Ireland","breadcrumb":{"@id":"https:\/\/www.ccpc.ie\/business\/check-your-pension-urges-ccpc-on-foot-of-new-research\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ccpc.ie\/business\/check-your-pension-urges-ccpc-on-foot-of-new-research\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.ccpc.ie\/business\/check-your-pension-urges-ccpc-on-foot-of-new-research\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.ccpc.ie\/business\/"},{"@type":"ListItem","position":2,"name":"Check your pension, urges CCPC on foot of new research"}]},{"@type":"WebSite","@id":"https:\/\/ccpc.inventise.ie\/business\/#website","url":"https:\/\/ccpc.inventise.ie\/business\/","name":"CCPC Business","description":"The Competition and Consumer Protection Commission","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ccpc.inventise.ie\/business\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Person","@id":"https:\/\/ccpc.inventise.ie\/business\/#\/schema\/person\/57a96aa7417a63a0e2dfe075b792c532","name":"kevinloughran","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/ccpc.inventise.ie\/business\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/8b201bc89fc59a28b5f2633fee5d109c31366ea62cc9c110e2d7bacfb3d13263?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8b201bc89fc59a28b5f2633fee5d109c31366ea62cc9c110e2d7bacfb3d13263?s=96&d=mm&r=g","caption":"kevinloughran"},"url":"https:\/\/ccpc.inventise.ie\/business\/author\/kevinloughran\/"}]}},"_links":{"self":[{"href":"https:\/\/ccpc.inventise.ie\/business\/wp-json\/wp\/v2\/posts\/46272","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ccpc.inventise.ie\/business\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ccpc.inventise.ie\/business\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ccpc.inventise.ie\/business\/wp-json\/wp\/v2\/users\/217"}],"replies":[{"embeddable":true,"href":"https:\/\/ccpc.inventise.ie\/business\/wp-json\/wp\/v2\/comments?post=46272"}],"version-history":[{"count":3,"href":"https:\/\/ccpc.inventise.ie\/business\/wp-json\/wp\/v2\/posts\/46272\/revisions"}],"predecessor-version":[{"id":46479,"href":"https:\/\/ccpc.inventise.ie\/business\/wp-json\/wp\/v2\/posts\/46272\/revisions\/46479"}],"wp:attachment":[{"href":"https:\/\/ccpc.inventise.ie\/business\/wp-json\/wp\/v2\/media?parent=46272"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ccpc.inventise.ie\/business\/wp-json\/wp\/v2\/categories?post=46272"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ccpc.inventise.ie\/business\/wp-json\/wp\/v2\/tags?post=46272"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}