The proportion of pension savers regularly reviewing their pension has increased from 38 per cent in 2024 to 45 per cent in 2026, although many remain uncertain about how they will use their savings in retirement, research from TPT Retirement Solutions has revealed.

TPT’s latest member research found that the proportion of savers who never reviewed their pension had almost halved over the same period, falling from 21 per cent to 11 per cent.

Among active members, 68 per cent said they had checked their pension balance or current value during the previous 12 months, up from 59 per cent in 2024.

Members were also paying more attention to other aspects of retirement planning.

Just over half of active members (51 per cent) had considered the income their pension might provide, compared with 44 per cent in 2024.

The proportion who had reviewed their retirement options or ways of accessing their savings increased from 24 per cent to 30 per cent, while the share who had changed their target retirement age rose from 11 per cent to 16 per cent.

Meanwhile, 24 per cent had investigated their investments or investment choices, up from 16 per cent.

However, the research identified continued uncertainty from members approaching retirement.

Among members aged 50 and over, 47 per cent did not know whether they intended to take a lump sum from their pension.

Of those who did not expect to withdraw their entire pension in a single payment, 52 per cent were unsure what they would do with the remainder or the majority of their savings.

Only 22 per cent of members aged 50 and over had already paid for professional financial advice or planned to do so when making retirement decisions.

TPT warned that this left a significant proportion of members without access to more structured support and clearer retirement pathways.

The research also found greater support for guided retirement products among older members, with 35 per cent in favour compared with 4 per cent opposed.

TPT Retirement Solutions defined contribution director, Philip Smith, acknowledged that the rise in engagement was encouraging but stressed that greater awareness did not automatically lead to better 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,” he continued.

“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.”

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