Consumers remain unsure as to the best way to utilise their pension savings at retirement, despite more widespread engagement with pensions, according to new research from TPT.
The firm found that a higher proportion of members were reviewing their pension savings on a regular basis: with almost half (45 per cent) checking their pension pots regularly, compared with just 38 per cent in 2024. Among active members, more than two-thirds (68 per cent) of savers said they had checked their pension balance or current value over the past 12 months — up from 59 per cent in 2024.
At the same time, the numbers who said they never checked their pension had fallen, from 21 per cent to 11 per cent.
TPT’s findings also show that that this was prompting members to engage with wider aspects of retirement planning, with just over half of active members (51 per cent) looking at the income their pension might provide (up from 44 per cent in 2024).
Meanwhile, the proportion who had changed their target retirement age had increased from 11 per cent to 16 per cent, while 30 per cent had reviewed their retirement options or ways of accessing their savings (up from 24 per cent).
TPT’s research also found that 24 per cent of active members had looked into their investments or investment choices, up from 16 per cent.
But despite this more positive engagement, TPT’s research shows that there remains considerable uncertainty around future retirement decisions.
Almost half of members surveyed (47 per cent) over 50 said they did not know whether they planned to take a lump sum from their pension savings. Of those who did not expect to take their entire pension in one go, just over half, 52 per cent, were uncertain what they would do with the remainder or majority of their savings.
Only 22 per cent of members aged 50+ either already pay for professional financial advice, or plan to do so when making retirement decisions.
TPT says this shows that there are a significant proportion of pension savers who may benefit from more structured support.
TPT’s 2026 research found that support for guided retirement substantially outweighed opposition among its members, at 35 per cent compared with 4 per cent. TPT says this it now offers a managed income-for-life product, to address this need, which provides a streamlined path from pension saving to income withdrawal, enabling members to convert their pension pots into a sustainable, inflation-linked income for life.
TPT Retirement Solutions DC director Philip Smith says: “It is encouraging to see more members checking their pensions and exploring the options available to them. However, engagement is only the first step and does not, by itself, lead to better retirement 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.
“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.”
