Key findings

• Value of workplace pensions: Employees highly value workplace pensions. When asked to rank the importance of employee benefits, pensions were second only to salary, outranking flexible working and bonuses. Almost half (49%) of employees consider pensions crucial when applying for a job, especially those aged 50-69 (62%)
• Multiple jobs and pensions: Employees often have several jobs over their careers, leading to multiple pension pots. On average, employees have had 4.5 jobs and possess around 2.4 pensions
• Employer contributions: Most employees (64%) are satisfied with their employer’s pension contributions, although satisfaction varies by income and gender. Employer matching of contributions, where employers will pay in, pound for pound, the same as an employee does over the statutory minimum, is a significant benefit, but affordability and understanding remain barriers for some employees
• Pension engagement: Engagement with pensions varies widely. One in six employees checks their pension weekly, yet one in eight never checks it. Mobile apps and online portals have made it easier for people to check their pensions, but more efforts are needed to boost engagement
• Pension anxiety: Some employees feel anxious and uncertain after checking their pension savings, highlighting the need for better communication, education and support to help them feel more confident about their financial future
• Pension transfer behaviour: Almost two in five employees who have held a number of jobs in their lifetime (39%) and who have a defined contribution pension, have transferred their pension to a different provider when moving jobs in the past. Ease of management was the main driver for people transferring their pensions
• Retirement regrets: Most employees plan to retire at 65, with younger employees aiming for 60. Almost half of those who were no longer working had retired earlier than planned, with a majority expressing no regrets about their retirement decisions. However, when those who had retired and those below retirement age were asked about wider financial regrets, almost one-third wished they had saved more for retirement or started saving earlier.