Pension engagement is rising, but retirement decisions remain difficult

• Regular reviewing of pensions has risen from 38.3% in 2024 to 44.5% in 2026, while the proportion who never review their pension fell from 20.7% to 11.4% overall, according to new member research from TPT.

• Active members were also more likely to change their target retirement age, rising from 11% to 16%, and to look into investments or investment choices, increasing from 16% to 24%.

• However, among members aged 50+, 46.6% did not know whether they planned to take a lump sum. Among those not taking all their pension in one go, just over half, 51.6%, were uncertain what they would do with the remainder. 

The findings point to a clear rise in engagement since 2024, with more members checking their pensions, exploring what income it could provide and reviewing the choices available to them as they approach retirement. Overall, the proportion of members regularly reviewing their TPT pension increased from 38% in 2024 to 45% in 2026.

Over the same period, the proportion who said they never review their pension nearly halved, falling from 21% to 11%. Among active members, 68% said that they had checked their pension balance or current value over the past 12 months, up from 59%.

The findings also showed that members were paying more attention to the wider aspects of retirement planning. Just over half of active members, 51%, had looked at the income their pension might provide, up from 44%. The proportion who had changed their target retirement age increased from 11% to 16%, while 30% had reviewed their retirement options or ways of accessing their savings, up from 24%. TPT’s research also found that 24% of active members had looked into their investments or investment choices, up from 16%.

Retirement decisions remain unresolved

Among members aged 50 and over, uncertainty was particularly evident. Almost half, 47%, did not know whether they planned to take a lump sum. Of those who did not expect to take their entire pension in one go, just over half, 52%, were uncertain what they would do with the remainder or majority of their savings.

Only 22% of members aged 50+ either already pay for professional financial advice or plan to do so when making retirement decisions. This leaves a significant proportion who may benefit from more structured support.

Guided retirement products can provide a clearer pathway for turning pension savings into income, and this research suggests that support amongst savers is growing. TPT’s 2026 research found that support for guided retirement among this cohort substantially outweighed opposition among its members, at 35% compared with 4%. To address this, TPT offers a managed income-for-life product, which provides a streamlined path from pension saving to income withdrawal, enabling members to convert their pension pots into a sustainable, inflation-linked income for life.  

Philip Smith, DC Director at TPT Retirement Solutions, said:  

“It is encouraging to see more members checking their pensions and exploring the options available to them. However, engagement is only the first step and does not, by itself, lead to better retirement outcomes. While members are paying greater attention to their pensions, many remain uncertain about how they will use their savings at retirement.

The research underlines the need for the industry to make retirement pathways simpler, both enabling informed, confident decisions where members are able, and putting in place good value default solutions where they do not engage. There is a clear opportunity to turn growing awareness into better retirement outcomes through clearer information, more effective support and innovative solutions that guide members through the choices they face at retirement.”

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.