State Pension Age increases as many will not be able to retire

For millions, State Pension Age increases mean retirement is no longer a distant dream, it’s a looming source of stress, and too many are approaching the finish line without a clear plan.

• 32% of UK workers say they aren’t confident they’ll retire with a comfortable income
• Confidence drops sharply with age: 48% of 45-54-year-olds and 40% of those 55+ feel unprepared
• Nearly 1 in 5 (17%) approaching retirement have no financial goals
• 19% of workers have never logged in to check their pension value
• Only 27% check their pensions at least once a year

“The reality is that many workers are staring at a foggy retirement horizon,” says Mark Futcher, Head of DC at Barnett Waddingham, following the Employee workplace pensions in the UK – Office for National Statistics report.

“Too many people are approaching retirement without knowing where they stand or whether their current savings will support the lifestyle they want,” he says.

Women are disproportionately affected

• 42% of women lack confidence in their retirement income
• Just 27% of men express similar concerns
• Women are less likely to have formal financial goals or plans in place

Small changes can make a big difference

Experts stress that retirement planning doesn’t need to be overwhelming. Simple actions today can have a major impact over the long term:

• Check your pension balance regularly using projection tools
• Increase contributions after a pay rise
• Take full advantage of employer-matched contributions — it’s free money
• Explore the support tools your scheme provides, from guidance to transfer tools

“Employers and pension providers also need to make it easier for workers to understand and use these tools,” Futcher adds.

“Improving retirement outcomes is a shared effort — small steps now pay off big later.”

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3 easy steps to check your pension today

1. Log in now
Don’t wait another day – 1 in 5 UK workers have never logged in to see their pension balance. Checking your account helps you understand exactly where you stand.

2. Set clear goals
Even a simple target – like how much income you want at retirement — makes a huge difference. Nearly 1 in 5 nearing retirement have no goals, so start planning early.

3. Maximise contributions
If your employer offers matched contributions, don’t leave free money on the table. Small increases, even after a pay rise, compound into a significantly bigger pot over time.

Use your pension’s online projection tools to see how small changes today could change your retirement picture.