Pension providers are missing opportunities to engage with savers approaching retirement, despite £170bn in pension assets “in play” as an estimated 1.1 million savers over 50 plan to consolidate their pension pots, according to Boring Money.

The study, The Retirement Crossroads: Pension Report 2026, found that 4.5 million pre-retired pension savers aged over 50 held more than one pension pot, with an estimated 1.1 million (25 per cent) planning to consolidate their pensions.

The research found that, among retirees, 37 per cent of consolidations and 29 per cent of pension provider switches took place in the year before or at retirement, described by the report as the single most common time for such activity.

However, just 14 per cent of savers said their provider prompted them to plan for retirement, compared with 29 per cent prompted by friends and family and 24 per cent by employers.

Commenting on the findings, Boring Money research director, Elwira Costello, said: "Retirement is one of the few times people really engage with their pension savings and ask whether they're in the right place.

“We estimate that around £170bn is potentially in play from people planning to consolidate their pensions.”

She added: “What's striking is that providers are often not driving these conversations. People are more likely to be prompted by friends, family or employers, despite retirement being exactly the moment when many are reviewing their options and looking for guidance."

The report also found that 29 per cent of savers who switched providers or consolidated did so because they held only a small amount with a provider, while 18 per cent cited limited contact and a further 18 per cent pointed to high fees.

Another 16 per cent said poor investment range or performance influenced their decision.

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