All respondents to a Society of Pension Professionals survey are utilising artificial intelligence within their business practices.
This is an increase from last year, when 87 per cent of respondents confirmed that they were using AI.
Most respondents to the SPP 2026 AI Survey also expected an increase in usage. More than two thirds (69 per cent) expected AI to be used in up to 50 per cent of their services, up from 41 per cent in 2025.
The survey also asked SPP members to identify the biggest risks of using AI. Whilst over half (53 per cent) said that hallucinations or inaccuracy was the biggest risk, this was down from 65 per cent in 2025. This was followed by around one in five (21 per cent) who cited data protection concerns.
In addition, 11 per cent said that they did not believe there was any significant risk if the use of AI is managed well (down from 19 per cent in 2025).
Matthew Giles, head of pensions at Squire Patton Boggs, says: “The survey also shows that not only is every respondent now using AI, but that its role is set to deepen significantly, with the majority expecting it to support up to half of their services in the future.
“We have gone beyond the experimental phase to the realisation of tangible benefits, particularly in terms of speed, efficiency and the potential to deliver more personalised services while reducing costs. At the same time, concerns around risks such as inaccuracy and organisational nervousness are beginning to ease.”
The survey also revealed a number of barriers which may be slowing the adoption of AI across the UK pensions industry.
One in five identified organisational nervousness as the biggest barrier, down from 39 per cent in 2025.
Other barriers highlighted included a lack of understanding (16 per cent) and the cost of adoption (11 per cent). A further 11 per cent of respondents said that there is no barrier to adoption if AI is managed well.