UK savers back Pension Commission findings

As part of a survey of over 2,500 DC savers, TPT found that only around two in five respondents believe they will have sufficient savings to cover the cost of their basic needs in retirement, while only around 30% believe they will have enough to live comfortably in later life. Fewer than one third (29%) believe their pension savings will last throughout their retirement.

The Pension Commission’s Interim Report reported that the UK has one of the lowest gross national savings levels (as % of GDP) against comparative economies, with around 15 million people currently under saving for retirement. This suggests that many savers share the Commission’s concerns around the scale of the retirement savings challenge facing the UK, indicating there would be broad public support for measures aimed at improving retirement outcomes.

TPT’s findings should therefore give policymakers confidence to pursue bold reforms to improve retirement adequacy.

Ruari Grant, Head of Policy & External Affairs at TPT Retirement Solutions, said:

“Our research shows that the public agrees with the experts. Last week the Commission highlighted the scale of the under-saving problem, and while we might often imagine people are unaware of this, that is not the case, meaning the Commission has a clear mandate to pursue meaningful reforms. 

Automatic enrolment has created strong foundations for retirement saving in the UK, but at current contribution levels many savers will still face inadequate outcomes in retirement. The focus should now turn to ensuring the pensions system delivers the retirement people expect and deserve.”

TPT also welcomed the Commission’s focus on decumulation. Improving retirement outcomes is not only about increasing contributions, but also about ensuring that the system people are saving into will deliver an adequate retirement.

TPT has previously found that nearly 70% of DC savers* would be interested in a solution that provides a sustainable inflation-linked income in retirement. With only a fifth (22%) of savers say they are willing to pay for financial advice, effective frameworks at the point of retirement are essential to improving outcomes.

Grant added:

“Good retirement outcomes do not simply depend on how much people save during their working lives. Savers also need straightforward, reliable ways to access and use their pension savings in retirement, without having to navigate unnecessary complexity or make difficult financial decisions alone.

The debate has moved beyond encouraging people to save. The challenge now is ensuring the system people are saving into is capable of delivering a lasting retirement income.”

* From study of 1,000 55+ year-old full-time employees with a workplace pension (defined contribution), June 2025

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.