UK Experts Urge Pension Checks During Awareness Week

Research released during Pensions Awareness Week reveals significant gaps in retirement preparedness among UK adults. Aegon reports that only 40% of adults know the location of all their private and workplace pensions, with 16% unaware of where any of their pensions are held. To combat this, the company is promoting its Mylo tool to help individuals consolidate lost savings.

Parallel findings from the Pension Attention campaign show that 37% of UK adults do not understand how their pensions grow. Experts from PayCaptain advise savers to start contributions early to leverage compound growth and aim for savings that cover 80% of pre-retirement income. They also warn that while 25% of pension benefits can be taken as a tax-free lump sum, withdrawing a full pot at once can trigger higher income tax rates.

Government efforts are also focusing on state pension literacy. HM Revenue and Customs reports that approximately 12.5% of UK adults have never checked their state pension forecast, with those aged 45 to 54 being the least likely to do so. The agency is encouraging the use of its official app and the gov.uk website to view forecasts and top up contributions. For the 2026/27 period, the full new State Pension is £241.30 per week, with the state pension age set to rise to 67 by April 2028.