A recent survey has highlighted a worrying lack of awareness among the public about upcoming pension changes, and the importance of planning ahead.
While media coverage is focused on what surprises might emerge in the November Budget, new research suggests many people remain unaware of pension reforms and tax changes already in motion.
A UK wealth manager surveyed 1,500 people aged 45 and over and found:
- Over half were “not at all aware” of key policy changes, such as:
The State pension age rising from April 2026.The minimum age to access private pensions increasing to 57 from April 2028. - 29% planned to pass their pension savings to family or heirs, but only 15% said they fully understood the tax rules involved, and had planned accordingly. That figure may be optimistic, given that final legislation is still months away. A more realistic 23% admitted they didn’t understand the rules “at all.”
The survey also revealed that:
- Over 40% didn’t have an up-to-date financial plan or dedicated retirement savings.
- More than 25% had no retirement plan whatsoever.
- A similar proportion expected to afford only a basic standard of living in retirement.
If This Sounds Familiar, It’s Time to Act
The survey found that over 40% of those saving for retirement wished they had started earlier. If you’re unsure where to begin, here are some first steps:
- Gather details of all your pensions, including those from previous employers or inactive plans.
- Check your State pension forecast at www.gov.uk/check-state-pension.
This will give you a baseline for your retirement income, but remember, pensions often start at different times, and your retirement income may also include savings and investments.
If it all feels overwhelming, you’re not alone. 60% of survey respondents had never taken professional financial advice, but doing so could make all the difference.
Important Reminder
- The value of investments and any income from them can go down as well as up.
- You may not get back the full amount you invested.
- Tax treatment depends on individual circumstances and may change.
- The Financial Conduct Authority does not regulate tax advice—seek guidance from a qualified adviser.
24th October 2025
