Nearly a quarter of Irish adults who are due to retire in the next decade do not currently have a pension plan in place, research from the Competition and Consumer Protection Commission (CCPC).

Some 23% of people aged 55-64 reported that they don't have a pension plan, with 77% of that age group expecting to qualify for the state contributory pension as a way of funding their retirement.

"This research suggests a lack of provision for adequate retirement income among a considerable cohort of Irish adults. It raises concerns therefore around the long-term financial well-being of consumers, with 38% having no pension in place," said Kevin O'Brien, member of the CCPC.

The main reasons given by those without a pension in place were that they have yet to get around to it (32%), feel they are too young (20%), and don't feel they can afford it (20%).

"Of those surveyed, many cite the time to set up a pension or being too young as barriers to making pension provisions," O'Brien continued.

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"Pension planning is key to maintaining financial well-being in retirement and it is evident from this new research that many Irish adults do not have the necessary provisions in place to provide for a secure retirement, despite the significant tax reliefs available on pension contributions."

Of the 732 adults who took part in the research, two thirds (66%) said they would use the state contributory pension to help fund their retirement, but nearly a third of those questioned (32%) were unaware of how much the weekly payment was worth (€253).

Selling property (24%), rental income (23%), equity release (15%) and selling a business (14%) were the most commonly given methods by which respondents intend to supplement their pension plans.

A third of those aged 25-34 expect to use funds from the sale of a property or income from a rental property as a source of funding in retirement.

"Two thirds of consumers surveyed indicated that they would be willing to pay automatic contributions into a compulsory pension scheme," O'Brien added.

"This is positive news with pension auto-enrolment set to be introduced to Ireland in 2024, which will see employees automatically enrolled in a workplace pension scheme which will be co-funded by their employer and the state.”

(Pic: Getty Images)