Member understanding improves, but many savers still feel underinformed when making retirement decisions

• The proportion of members who feel that they understand the choices and options they have for accessing their pension rose from 45% in 2024 to 53% in 2026.

• Yet, only 22% of members aged 50+ pay or plan to pay for professional financial advice when making retirement decisions.

• 58% of respondents admitted they do not know how much they need to save to achieve the retirement lifestyle they want. 

Pension scheme members have a greater understanding of their savings and the retirement options available to them than they did two years ago, but many still do not feel that they have enough information to make retirement decisions, according to the latest member research from TPT Retirement Solutions ("TPT").

The research found that members have improved their understanding of pensions since 2024, with the proportion of members who feel that they understand the choices and options they have for accessing their pension rising from 45% in 2024 to 53% in 2026.

Members are also increasingly aware of where they can turn for information and support. Awareness of services like Pension Wise and MoneyHelper rose from 50% to 57% in the same period.

Understanding of pension outcomes has also improved. At 52%, just over half of members now understand how much their pension savings are likely to be worth at retirement, compared to 47% in 2024.

Advice and support gap remains

While understanding has improved, there is still more to be done. Over half of members polled (52%) reported not having enough information to understand and make decisions about their retirement.

TPT’s research found that in 2026, 58% said they do not know how much they need to save to achieve the retirement lifestyle they want. For members aged 50 and older, professional financial advice is unlikely to fill these gaps by itself, with only 22% of members reported either already paying for financial advice or planning to in the future.

34% of members in the 50+ age group remain undecided whether they will pay for advice, leaving a significant proportion of members who may benefit from additional support. 

Providers and policymakers have an important role to play in closing this retirement decision-making gap. The introduction of guided retirement is a welcome development, and providers should consider how they can incorporate this type of support in their products to help members make informed and confident decisions at retirement.

TPT’s managed ‘income for life’ proposition is designed to bridge the advice gap by providing a cost-effective and easy-to-use income solution for members who do not want to make investment decisions. This innovative option is fully managed for members without requiring complex calculations or financial advice. It offers a streamlined path that can help remove some of the burden of complex decision-making at retirement, giving members clearer pathways through their options and helping them achieve retirement security with greater confidence.

Georgie Edwards, Head of DC at TPT Retirement Solutions, said:  

“It is encouraging that members’ understanding of savings and retirement options is improving, but there is still work to be done. Our research reveals gaps in knowledge and support which the industry should target with improved education throughout the savings journey.

Education must come alongside more effective solutions and tools that help remove the unnecessary burden placed on savers. The industry has an obligation to facilitate a smoother, more confident bridge from working life into retirement, helping members make informed decisions and ultimately achieve better pensions outcomes.”

Notes to Editors

TPT Retirement Solutions (TPT) is one of the UK’s leading providers of workplace pensions with over 80 years’ experience of managing defined benefit and defined contribution pension schemes. It has £11.4 billion of assets under management (as at 30 September 2025) and more than 490,000 members.

TPT’s mission is to make pension schemes perform better for everyone, from the sponsoring employers and trustees to the members who are saving for the future. They are an innovative, forward-thinking organisation, investing in technology to improve the services they provide. TPT are ultimately owned by a pension fund, providing genuine alignment of interests with those of their clients and scheme members.

Our ownership

TPT Retirement Solutions Limited is wholly owned by Verity Trustees Limited in its capacity as trustee of The Pensions Trust.

TPT Investment Management Limited is a wholly owned subsidiary of TPT Retirement Solutions Limited.

Group Services & Regulation

Verity Trustees Limited is the corporate trustee of The Pensions Trust and The Pensions Trust 2016. It is a company limited by guarantee and is regulated by The Pensions Regulator. Registered in England and Wales under company number 00744017. Registered office: 5th Floor 3 South Brook Street, Aire Park, Leeds, England, LS10 1FT.

TPT Retirement Solutions Limited provides pension management and administration services to UK pension schemes. Registered in England and Wales under company number 09639961. Registered office: 5th Floor 3 South Brook Street, Aire Park, Leeds, England, LS10 1FT.

TPT Investment Management Limited is authorised and regulated by the Financial Conduct Authority (FCA) and provides investment management and consultancy services to UK pension schemes. Registered in England and Wales under company number 14527587. Registered office: 5th Floor 3 South Brook Street, Aire Park, Leeds, England, LS10 1FT.