Pensions Report 2025 - Finding the Prize

This report helps workplace and retail pension providers size today's market and forecast the impact of key market trends and consumer behaviour, including a deep dive into consolidation and the roll-out of Targeted Support.

Our research identifies what customers want and value, and the help and advice they need. We consider the conflicting dynamics of inaction, caution and confusion against the benefits for retail providers and advice firms that are picking up consolidators, and those taking charge of their pension.

As we look ahead to 2026, the report will help providers to identify opportunities and consumer needs in this choppy pensions market.

Contact enquiries@boringmoney.co.uk to speak to our sales team and request your copy.

Key insights:

Trigger to action

Of those who made any changes to their pension arrangements in the last 5 years, 19% cited comms from their provider as the thing that prompted them to take action.

Consolidation opportunities

Over 200,000 pre-retired pension holders aged ove 55 are considering consolidating in the next 12 months – Pension assets held by this cohort are close to £40 billion

Workplace pension retention challenges

Fewer than 4 in 10 of those who consolidated their pensions in the last 5 years did so with their current workplace pension provider

Brand awareness weakness

4 in 10 can’t name their current workplace pension provider

Potential business in the self-employed

Almost 500,000 self-employed adults are considering opening a new pension in the next 12 months

Trigger to action

Of those who made any changes to their pension arrangements in the last 5 years, 19% cited comms from their provider as the thing that prompted them to take action.

Consolidation opportunities

Over 200,000 pre-retired pension holders aged ove 55 are considering consolidating in the next 12 months – Pension assets held by this cohort are close to £40 billion

Workplace pension retention challenges

Fewer than 4 in 10 of those who consolidated their pensions in the last 5 years did so with their current workplace pension provider

Brand awareness weakness

4 in 10 can’t name their current workplace pension provider

Potential business in the self-employed

Almost 500,000 self-employed adults are considering opening a new pension in the next 12 months

Trigger to action

Of those who made any changes to their pension arrangements in the last 5 years, 19% cited comms from their provider as the thing that prompted them to take action.

Consolidation opportunities

Over 200,000 pre-retired pension holders aged ove 55 are considering consolidating in the next 12 months – Pension assets held by this cohort are close to £40 billion

Workplace pension retention challenges

Fewer than 4 in 10 of those who consolidated their pensions in the last 5 years did so with their current workplace pension provider

Brand awareness weakness

4 in 10 can’t name their current workplace pension provider

Potential business in the self-employed

Almost 500,000 self-employed adults are considering opening a new pension in the next 12 months

Trigger to action

Of those who made any changes to their pension arrangements in the last 5 years, 19% cited comms from their provider as the thing that prompted them to take action.

Consolidation opportunities

Over 200,000 pre-retired pension holders aged ove 55 are considering consolidating in the next 12 months – Pension assets held by this cohort are close to £40 billion

Workplace pension retention challenges

Fewer than 4 in 10 of those who consolidated their pensions in the last 5 years did so with their current workplace pension provider

Brand awareness weakness

4 in 10 can’t name their current workplace pension provider

Potential business in the self-employed

Almost 500,000 self-employed adults are considering opening a new pension in the next 12 months

Trigger to action

Of those who made any changes to their pension arrangements in the last 5 years, 19% cited comms from their provider as the thing that prompted them to take action.

Consolidation opportunities

Over 200,000 pre-retired pension holders aged ove 55 are considering consolidating in the next 12 months – Pension assets held by this cohort are close to £40 billion

Workplace pension retention challenges

Fewer than 4 in 10 of those who consolidated their pensions in the last 5 years did so with their current workplace pension provider

Brand awareness weakness

4 in 10 can’t name their current workplace pension provider

Potential business in the self-employed

Almost 500,000 self-employed adults are considering opening a new pension in the next 12 months

Trigger to action

Of those who made any changes to their pension arrangements in the last 5 years, 19% cited comms from their provider as the thing that prompted them to take action.

Consolidation opportunities

Over 200,000 pre-retired pension holders aged ove 55 are considering consolidating in the next 12 months – Pension assets held by this cohort are close to £40 billion

Workplace pension retention challenges

Fewer than 4 in 10 of those who consolidated their pensions in the last 5 years did so with their current workplace pension provider

Brand awareness weakness

4 in 10 can’t name their current workplace pension provider

Potential business in the self-employed

Almost 500,000 self-employed adults are considering opening a new pension in the next 12 months

Trigger to action

Of those who made any changes to their pension arrangements in the last 5 years, 19% cited comms from their provider as the thing that prompted them to take action.

Consolidation opportunities

Over 200,000 pre-retired pension holders aged ove 55 are considering consolidating in the next 12 months – Pension assets held by this cohort are close to £40 billion

Workplace pension retention challenges

Fewer than 4 in 10 of those who consolidated their pensions in the last 5 years did so with their current workplace pension provider

Brand awareness weakness

4 in 10 can’t name their current workplace pension provider

Potential business in the self-employed

Almost 500,000 self-employed adults are considering opening a new pension in the next 12 months

Trigger to action

Of those who made any changes to their pension arrangements in the last 5 years, 19% cited comms from their provider as the thing that prompted them to take action.

Consolidation opportunities

Over 200,000 pre-retired pension holders aged ove 55 are considering consolidating in the next 12 months – Pension assets held by this cohort are close to £40 billion

Workplace pension retention challenges

Fewer than 4 in 10 of those who consolidated their pensions in the last 5 years did so with their current workplace pension provider

Brand awareness weakness

4 in 10 can’t name their current workplace pension provider

Potential business in the self-employed

Almost 500,000 self-employed adults are considering opening a new pension in the next 12 months

Trigger to action

Of those who made any changes to their pension arrangements in the last 5 years, 19% cited comms from their provider as the thing that prompted them to take action.

Consolidation opportunities

Over 200,000 pre-retired pension holders aged ove 55 are considering consolidating in the next 12 months – Pension assets held by this cohort are close to £40 billion

Workplace pension retention challenges

Fewer than 4 in 10 of those who consolidated their pensions in the last 5 years did so with their current workplace pension provider

Brand awareness weakness

4 in 10 can’t name their current workplace pension provider

Potential business in the self-employed

Almost 500,000 self-employed adults are considering opening a new pension in the next 12 months

How this report can enhance your service offering:

Market intelligence & strategic planning

Provide data to support business plans - We share data on asset values across different segments, helping stakeholders quantify the financial opportunity in areas like consolidation, SIPPs, and advice/guidance strategies.
Explore the Workplace vs DIY dynamic in the market today - As DIY platforms gain traction with slick user experiences and strong marketing, we assess the competitive threat they pose to traditional workplace providers and what this means for retention and engagement.
Shed light on provider experiences - We track provider satisfaction and brand awareness in the workplace pension space, surfacing common complaints and challenges that may affect trust and uptake.
Help providers understand the competitor landscape - We map out key proposition features across pension providers, giving a clearer view of how offerings compare and where differentiation opportunities lie.
Track change over time - We examine how the pension landscape has evolved over the past five years, providing context for current trends and helping forecast future shifts in consumer behaviour and provider strategy.

Consumer insight & proposition development

Support consumer understanding - By analysing consumer attitudes and experiences, we highlight the practical challenges people face when managing pensions and planning for retirement, offering insights that can inform better support and communication.
Segment cohorts - The report breaks down pension holders by assets, income, age, and wealth, enabling more targeted propositions and helping providers tailor their messaging and services to distinct audience groups.
Support content and proposition plans - By identifying the questions pension holders ask at different stages of their journey, and exploring requirements when choosing pension providers, we help shape actionable insights on how to refine proposition features that meet evolving consumer needs.
Get ready for Targeted Support - We size and profile consumer segments aligned with the FCA’s Targeted Support framework, helping providers prepare for regulatory expectations and deliver more personalised interventions.

Who is it for?

Whether you're a provider looking to refine your proposition, a platform aiming to improve user experience, or an advisory firm seeking deeper consumer insights, insights in the Pensions Report 2025 will inform strategic decisions, sharpen competitive positioning, and support regulatory readiness.

For a sneak peek of the report's chapters and list of figures, download the full Table of Contents now.

I would like to hear from you about products, events, general marketing and other things from Boring Money – including personalised content and ads - but please try not to make them as boring as everything else in finance!

Sources and methods

Survey of 4,298 nationally representative UK adults, September 2025
Survey with 1,490 pension holders from our Boring Money panel, September 2025
Survey of 6,070 nationally representative UK adults, January 2025

Get in touch to buy the report

Unlock the essential, actionable insights needed to shape your firm's future pension strategy. Contact enquiries@boringmoney.co.uk to get your copy of the latest research today.