One in ten people between the ages of 45 and 64 do not have a pension, and pension ownership among those aged between 45 and 54 stands at 76%.

That, according to the Competition and Consumer Protection Commission, shows a sharp decline since 2022, when 85% of this group had a pension.

CCPC Director of Communications Grainne Griffin said it was ‘concerning’ that such a significant cohort of people could enter retirement without a pension.

But she added: “It’s never too late to start a pension; it’s a very effective form of saving, and even a few years can make a difference.”

The problem, according to the CCPC survey, is that one in four of those without a pension say they can’t afford to start one.

“With the cost of living rising, it’s understandable that some may choose to delay starting a pension. While it’s never too late to start a pension, the earlier you start, the further your money will go. No contribution is too small,” said Grainne Griffin.

But 64% of those survey do have a pension – and 69% would be happy to pay into a compulsory pension scheme.

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 – the group least likely to already have a pension – saying they would be happy to pay into a compulsory pension scheme.

Pictured: Advice…Grainne Griffin.