Three quarters of workers believe the government is not doing enough to help people save for retirement following the Autumn Budget, while almost a third reported feeling less confident about their retirement prospects, a survey from Penfold has revealed.

Chancellor, John Healey’s, first Budget on 28 October 2026 left the 25 per cent tax-free pension lump sum unchanged, confirmed changes to the state pension triple lock from 2030 and introduced a new Pension Tax Allowance for eligible pensioners from April 2027.

Despite the announcements, Penfold’s snap survey run after the Budget found that 75 per cent of workers believed the government was not doing enough to support retirement saving, while just 19 per cent thought it was.

The survey showed that 29 per cent of workers felt less confident about retirement following the Budget, compared with 14 per cent who felt more confident, while half said the measures had made no difference to their confidence.

Meanwhile, most workers were not planning to change their pension contributions, with 44 per cent intending to maintain their current level of saving and 30 per cent remaining unsure.

By comparison, 12 per cent said they planned to increase contributions, while 6 per cent expected to reduce or pause them.

Penfold CEO and co-founder of Penfold, Chris Eastwood, said: “Keeping the tax-free lump sum unchanged is welcome, and it gives savers some of the certainty we called for before the Budget.

“But this poll shows that stability alone has not shifted how many people feel about retirement.”

Eastwood said it was encouraging that most workers do not plan to cut back, but the bigger question was whether people are saving enough in the first place.

He noted that automatic enrolment currently requires minimum pension contributions of 8 per cent of qualifying earnings, including 3 per cent from employers and 5 per cent from employees.

“With the Pensions Commission due to report in February 2027, there is an opportunity to set out a clear path from 8 per cent towards 12 per cent, phased in gradually, with firm dates so employers can plan,” he said.

“Confidence depends on people knowing where they stand. They should be able to see what they have and what they are building towards and know where to go for help if they need it."

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