Social target

We have set a new target to help three million more customers over the next 10 years take action towards a better retirement. We are doing this by empowering customers to engage with their financial futures, transforming how they interact with long-term savings and supporting confident, well-informed decisions.

Why does this matter?

Life today is increasingly complicated, uncertain, and unpredictable. Too many people are not saving enough for retirement, and too many don’t get the support they need to feel empowered to make decisions about using the money they’ve saved in their pension.

  • 2-in-5 (43%) or nearly 15 million people are under saving for retirement1

  • Over a third (38%) of those who have not yet retired expect to have a worse standard of living in retirement than they do currently2 

  • One in three (29%) Gen Xers (currently aged 46-61) report doing no planning for their finances in retirement3

  • Only 1 in 4 adults saving into a DC pension are highly engaged with their pension4

References 

1DWP Analysis of Future Pension Incomes 2025

2,3Retirement Voice, 2025

4FCA Financial Lives survey 2024

 

How does our target work?

The target will track progress over the next 10 years across two customer outcomes that are critical to achieving a better retirement:  

  • Increasing engagement in planning for retirement.  
  • Increasing the number of customers who are supported to make better decisions when accessing their pension.  

Over the decade, we aim for at least three million customers to see a genuine improvement in these outcomes, not simply measure the number we reach. This target will focus on customers who are on their journey to retirement and reaching retirement over the next 10 years. During 2026, as this is a new target, we will refine and test our methodology and publish it together with our first progress update in next year’s report. We will provide updates on our target annually.

How we will drive progress?

To achieve this, we have identified the key activity within our enterprise strategy that is driving a step change in customers’ retirement outcomes, and we will measure its impact over time. We’ve used best practice to design a theory of change that links the outcomes we want to achieve with the actions we are taking.  

To drive increased engagement we are creating personalised and intuitive digital experiences, running awareness raising campaigns to encourage customers to take action, enabling enhanced communications and proactive nudges. We offer tools that build financial engagement and confidence, and are strengthening long term outcomes by achieving higher returns through our investment design.  

We will give our customers more support when making decisions by expanding access to affordable advice and targeted support, and provide clearer, more tailored guidance at the key moments when customers make decisions about their pension. We will also make retirement income work harder with adaptable products.  

As well as assessing the overall outcomes for customers, we will measure the impact of these underlying initiatives that will help drive change and share our progress.

Are we driving wider change?

There are key dependencies in achieving this target, and broader system change is needed. We continue to play a wider role as a retirement specialist: using our scale, insights and influence to advocate for better retirements, shape policy, and improve the system not just for our customers but for everyone.  

As this is a long-term, outcomes-focused target, progress will require meaningful change in customer behaviours and the system. Progress may build gradually, but our commitment is long term. We will continue to stand beside customers and help more people achieve better outcomes in retirement.

 

Sufficient savings

We’re helping more people to be on track for sufficient pension savings by engaging them in planning for their retirement and helping them save more with confidence.   

Secure retirement

We’re helping more people achieve financial security in later life, by supporting them to make better decisions when accessing their pension and achieve sufficient income throughout retirement. 

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