More than half of UK adults (51 per cent) are unaware of upcoming pension policy changes that could have a major impact on their retirement plans, according to new research from Schroders Personal Wealth (SPW).

The 2025 SPW Retirement Report, based on a survey of 1,500 UK adults, revealed significant knowledge gaps around shifting pension rules and wider financial planning, with many people still working on assumptions that may no longer hold true.

For example, despite 29 per cent of respondents saying they plan to pass on their pensions, 85 per cent admitted they do not fully understand inheritance tax (IHT) rules that could apply.

The research also pointed to wider underpreparedness for retirement.

Nearly half of UK adults (43 per cent) do not have an up-to-date financial plan, while more than a quarter (26 per cent) have no retirement plan in place at all.

In addition, 22 per cent of respondents said they have no idea how much their pension is worth, a figure that rises to 28 per cent among those aged 65 and over.

Confidence levels are also low, with only one in 10 respondents saying they feel “extremely confident” about their financial future, while almost a third rated their confidence at just 0-4 out of 10.

Alarmingly, 60 per cent of respondents have never spoken to a financial adviser about retirement, with 28 per cent of this group believing they do not have sufficient wealth to justify seeking advice.

Commenting on the findings, SPW chief executive, Mark Duckworth, said the report was more than a snapshot of public sentiment, describing it as a “call to action.”

“Retirement should be a time of freedom, fulfilment and peace of mind, yet for many the path is paved with uncertainty,” he continued, adding that the findings were both "encouraging and sobering."

He added that while many are taking positive steps, too many remain unsure, under-informed or disengaged.

Echoing this sentiment, SPW financial planning director, Alex Gaita, stressed that retirement planning doesn’t happen in isolation, arguing that it’s shaped as much by shifting laws and government decisions as by personal goals.

“Yet over half of people are unaware of upcoming changes. With tax rules likely to evolve and fresh uncertainty around the upcoming Budget, too many are planning for the future based on assumptions, not facts,” he warned.

Meanwhile, SPW personal wealth adviser, Alice Harmer, emphasised the role of advice in boosting confidence.

“Our research found that people with an up-to-date retirement plan are 90 per cent more confident than those without.

"Even small steps - like reviewing your plan or speaking to an adviser - can make a real difference, helping you feel in control of your future,” he said.

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