Almost half of UK adults don’t know how much is in their pension

Generation (and age in years)	% that can put a figure on how much they have in pension savings	% that cannot put a figure on how much they have in pension savings
Silent Generation (79+)	34%	66%
Baby Boomers (60 – 78)	48%	52%
Gen X (44 – 59)	57%	43%
Millennials (28 – 43)	62%	38%
Gen Z (18 – 27)	49%	51%

Confidence gap in retirement savings

Even among those who say they do know how much is in their pension, over a quarter (27%) aren’t confident it will fund the lifestyle they want in retirement. Just a fifth (21%) feel very confident they’ve saved enough.

Gen X - who were caught in the gap between the decline of Defined Benefit (DB) schemes and the introduction of auto-enrolment in 20122 - are the most concerned, with a third (33%) feeling unsure about the adequacy of their savings to achieve their desired retirement lifestyle, and only 14% feeling very confident they’re on track. Meanwhile, Gen Z - who have the most time to save - are understandably less worried, with just 8% expressing concern that they’re savings won’t set them up for the retirement lifestyle they’re hoping for.

Dean Butler, Managing Director for Customer at Standard Life, commented: “It’s concerning that nearly half of UK adults can’t estimate their pension savings – especially those nearing or already in retirement. Saving for retirement can feel overwhelming at times, but the more often you interact with your pension the better chance you have of knowing whether you’re on track with your savings or whether you need to take action.

“The generational differences in pension awareness are striking. Older generations may be more used to thinking in terms of expected income rather than pot size, especially if they’ve relied on DB schemes. Gen X, now deep into their careers, often face the challenge of tracking multiple pension pots from different jobs, which can make it harder to get a clear picture. On the other hand, it’s encouraging to see that many younger adults, especially digitally savvy Millennials, are more likely to know their pension figures - suggesting that technology and early engagement are helping to build financial confidence from a younger age."

"That’s why Pension Engagement Season serves as such an important reminder. Whether you’re just starting out on your pension saving journey, or already approaching retirement, now is a great time to log in, check your statements, and get a clearer picture of where you stand. Even a quick review can help you spot gaps, make informed decisions, and feel more in control of your financial future. The sooner you engage, the more options you’ll have to shape the retirement you want."

Dean Butler at Standard Life shares his top tips on the best ways to stay engaged with your pension:

1. How do I check how much is currently in my pot?

“You should receive an annual statement from any workplace and personal pensions – this will be sent to you by your provider. If you don’t receive a statement, then you can ask for one. Make sure your provider has the right contact details for you so that you can receive relevant information.

“You can often also access your pension details online, if you’ve set up an account, or many providers now have mobile applications which provide a live view of your pension savings.”

2. How do I check what I’m contributing to my pension, and can I make top-up payments?

“You can check what you contribute to any personal, workplace or self-employed pensions through your pension statement or online account. You can also make any additional payments into your pension at any time you like. To top up your private or workplace pension, you can usually make both regular contributions and one-off lump sum payments.”

3. How can I see what my pension pot might be worth in retirement?

“Your pension provider will give you an estimate of your future pot value and the income it could generate once you retire. These forecasts often assume you use your pot to buy an annuity (a guaranteed income for life), but there are other ways to access your savings.

“Many providers also offer online tools and pension calculators that let you explore different scenarios – for example, how retiring earlier, paying in more, or changing your investment approach might affect your outcome. These tools can give you a clearer sense of whether you’re on track and highlight any gaps you may want to address.”

4. How can I work out what I’ll need in retirement – and whether I’m on track?

“How much money you’ll need in retirement depends on your goals and expected lifestyle. Even if retirement feels far off, it helps to picture the age you’d like to stop working and the kind of life you want to lead – whether that means travelling, taking up new hobbies, or simply having peace of mind about day-to-day costs."

“Pension calculators and your annual statements can give you an idea of how your savings measure up against those goals. Pensions UK’s Retirement Living Standards are also a useful benchmark, showing what different lifestyles might cost. Everyone’s circumstances are unique, so reviewing your overall financial situation – including pensions, savings, and any other income – can help ensure your money lasts as long as you need it to. Once you have this big-picture view, it’s worth checking that you’ve included all the pensions you’ve built up over the years.”

5. How do I track down all my pension pots and bring them together?

“Because many people now change jobs several times during their career, it’s common to have multiple pension pots. Tracking them all down - and deciding whether to combine them - can make it easier to manage your savings and see how they contribute to your overall retirement plan. A pension tracing tool can help you locate any pots you’ve lost track of."

“Bringing pensions together into one pot may simplify your planning and reduce fees, but it’s important to weigh the pros and cons before transferring, as some pensions carry valuable benefits you wouldn’t want to lose. If you can, speak to a financial adviser to make sure you’re making the right choice for your future. You can also speak to your provider to clarify the details of your pension.”