There are an estimated 3.3 million 'lost' pensions across the UK, collectively valued at £31.1 billion, with each pot averaging £9,470. This coincides with Pension Awareness Week, a national campaign aimed at improving understanding and encouraging proactive retirement planning.
Despite the importance of retirement planning, a December 2025 survey indicated that one in eight respondents would prefer a dental appointment over an hour spent planning their retirement. Furthermore, May 2026 research by Which? revealed that 49% of individuals were unaware of their total pension savings.
For those not yet retired, a May 2026 survey found that 51% of UK adults lack confidence in saving enough for retirement. Pensions UK has established retirement living standards, suggesting a single person needs £13,900 annually for a minimum standard of living, £32,700 for a moderate standard, and £45,400 to be comfortable. For couples, these figures are £22,500, £45,400, and £62,700 respectively.
To achieve a moderate living standard of £45,400 a year alongside the state pension, couples would need a combined pension pot of between £332,000 and £389,000 if using pension drawdown, or between £340,000 and £510,000 if purchasing an annuity. The full new state pension rate for 2026-27 is £241.30 per week, accessible from age 67.
Many employers contribute more than the minimum to workplace pensions. An August 2026 survey showed 54% of people knew their current employer's contribution. The same research found 32% of employees had increased their contributions above the minimum, and 19% had made additional ad-hoc payments. Standard Life calculations suggest that a 22-year-old increasing contributions from 5% to 7% could see their pot grow by an extra £52,000 (inflation-adjusted) by age 68.