Pension Confidence in Britain: Confidence in a pension cannot be measured by today’s account balance alone.
A pension may need to support someone decades after their first contribution. Therefore, confidence depends on governance, communication and how schemes manage risks that develop over time.
Research published in March 2026 suggests that many people remain uncertain about whether pension schemes can provide that protection.
At a Glance
A YouGov survey commissioned by ClientEarth found that 44% of respondents lacked confidence that pension savings were adequately protected from long-term risks.
This does not mean Britons have abandoned pensions. However, it highlights concerns about transparency, trustee decisions and risks that may affect retirement outcomes.
The Pension Schemes Act 2026 introduced significant reforms. Savers should still review their statements, charges, beneficiaries and projected retirement income regularly.
What Does the Research Show?
The ClientEarth pension confidence research was based on a YouGov survey of 2,090 adults.
Fieldwork took place between 4 and 5 March 2026. The results were weighted to represent adults across Great Britain.
The survey found that 44% of respondents lacked confidence that pension savings were adequately protected from long-term risks.
This is a specific concern. It does not establish that 44% distrust every pension provider, trustee or investment.
Instead, it indicates uncertainty about whether pension systems are prepared for risks that may develop across several decades.
Why Long-Term Risks Matter to Pension Savings
Pension funds often invest across shares, bonds, property, infrastructure and other assets.
Their performance can therefore be affected by:
- Inflation and interest-rate changes.
- Economic contractions.
- Changes in asset values.
- Business failures.
- Political or regulatory developments.
- Climate-related physical and economic risks.
- Poor scheme governance or administration.
Some risks can be reduced through diversification. System-wide risks are harder to isolate because they may affect several markets together.
For a pension saver, the practical question is not whether every risk can be removed. It is whether the scheme identifies, measures and manages material risks properly.
What Are Pension Trustees Required to Do?
Trustees of occupational pension schemes must act in members’ interests and follow their legal and regulatory duties.
Depending on the scheme, their responsibilities may include:
- Setting and reviewing investment strategies.
- Monitoring investment performance.
- Controlling scheme costs.
- Assessing material financial risks.
- Maintaining suitable governance systems.
- Providing required information to members.
- Reviewing service providers and asset managers.
The Pension Schemes Bill discussed in the March 2026 research became the Pension Schemes Act on 29 April 2026.
The reforms include new value-for-money requirements and changes affecting pension scheme governance. The exact implementation of several measures will depend on secondary legislation and regulatory guidance.
Trustees and scheme managers can review the Pension Schemes Act 2026 guidance from The Pensions Regulator.
Is Confidence the Same as Investment Performance?
No. Confidence and investment performance are connected, but they are not identical.
Investment values can rise and fall even when a pension scheme is properly managed. Equally, strong short-term performance does not prove that every long-term risk has been addressed.
Confidence is more likely to grow when savers can understand:
- How their pension is invested.
- What charges apply.
- How performance is reported.
- Which risks the trustees monitor.
- What income the pension may provide.
- Where to raise a concern.
- What protection applies if something goes wrong.
Trust is rarely created by promising certainty. It is created by explaining uncertainty clearly.
What Can Pension Savers Check?
Most people cannot examine every asset held by their pension scheme. However, they can review the information available to them.
Useful checks include:
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Find every pension
Trace previous workplace and private pensions before retirement planning begins.
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Review annual statements
Check contribution levels, charges, current values and projected retirement benefits.
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Confirm beneficiary details
Outdated nominations may create delays or outcomes that no longer reflect personal wishes.
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Check the investment approach
Understand whether the pension uses a default fund and whether its risk level remains suitable.
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Review retirement timing
Taking benefits earlier or later can materially change the income available.
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Avoid transferring without advice
Some pensions include guarantees or benefits that may be lost after a transfer.
Pension investment, consolidation and withdrawal decisions may require regulated pension advice. Mortgage and equity release advice should not be treated as a replacement.
How Does Pension Confidence Affect Wider Retirement Planning?
Retirement income may come from several sources. These can include the State Pension, workplace pensions, private pensions, savings, investments and employment income.
For some homeowners, property may also form part of the discussion.
Our guide to planning for retirement explains why income, borrowing, housing and future costs should be considered together.
Some people may also review later-life lending options when an existing mortgage continues into retirement.
Equity release may provide access to property wealth in suitable circumstances. However, it is borrowing secured against the home, not pension income.
Read whether equity release could support retirement income before treating property wealth as part of a retirement plan.
Why Clear Communication Supports Confidence
People cannot make informed decisions when information is difficult to understand.
Clear explanations of costs, risks, restrictions and alternatives support better decision-making across financial services.
The same principle appears within the FCA’s Consumer Duty. Adviser firms must consider whether communications support client understanding and good outcomes.
Connect Network discusses this regulatory approach in its adviser guide to Consumer Duty in 2026.
Connect Lifetime Mortgages is an appointed representative within the Connect group structure. However, this article provides general information rather than pension investment advice.
A More Informed View of Pension Confidence
The evidence does not show that pensions have ceased to matter. It shows that trust cannot be assumed.
Pension schemes hold money intended for a distant future. Savers therefore need clear information about governance, risk, costs and likely retirement outcomes.
Confidence becomes more meaningful when it is based on evidence rather than reassurance alone.
Frequently Asked Questions
Have Britons lost confidence in pensions?
Research published in March 2026 found that 44% of respondents lacked confidence that pension savings were protected from long-term risks. This does not mean most people have rejected pensions entirely.
What is the Pension Schemes Act 2026?
The Pension Schemes Act 2026 introduced reforms affecting areas including scheme governance, value for money and pension consolidation. Several measures require further regulations before full implementation.
Can climate risk affect pension funds?
Climate-related events and economic changes can affect companies, property, infrastructure and wider financial markets. Trustees must consider material financial risks where relevant to their scheme.
Does Connect Lifetime provide pension advice?
Connect Lifetime provides mortgage, equity release and later-life lending advice. It does not replace regulated pension or investment advice.
Can property replace a pension?
Property may support some retirement plans, but it is not a direct replacement for reliable pension income. Selling, downsizing or borrowing against a home can create costs, risks and long-term consequences.