14 September 2026
If you are covering Pension Awareness Week and HMRC’s research on State Pension forecast usage, please see the following comment from Adam Cole, retirement specialist at Quilter:
“Pension Awareness Week provides a useful reminder that checking in on your pension today could make a significant difference to your financial security in retirement. Pensions can easily become a ‘set and forget’ element of financial planning, but small, regular actions such as checking how much you have saved, reviewing your contributions and understanding how your pension is invested can help you assess whether you are on track to achieve the retirement lifestyle you are hoping for, or whether you need to make changes. The earlier you engage with your pension, the more opportunity you have to make those adjustments and see the benefits.
“This is particularly important for the millions of people relying on defined contribution pensions. Unlike previous generations, who could often depend on the certainty of a defined benefit scheme, today’s savers bear much more of the responsibility for ensuring they build a pension pot capable of supporting them throughout retirement.
“Our recent research with 5,000 UK retirees highlights the shift in retirement income sources. While defined benefit pensions still account for around 13% of the average retiree's income today, the benefits are concentrated among older generations. Among some of the oldest and wealthiest retirees, defined benefit schemes provide a third of retirement income, compared with just 14% for younger affluent retirees. As these gold-plated workplace pensions become increasingly rare, future retirees will need to rely much more heavily on their own defined contribution savings, alongside the State Pension and other sources of income such as investments and savings.
“Checking your pension should also extend to your State Pension entitlement, yet HMRC estimates that one in eight have never checked it. Our research shows just how important the State Pension remains, accounting for almost a quarter of the average retiree’s income. For many lower-income retirees, it provides the majority of what they live on.
“Looking at your State Pension forecast can help identify gaps in your National Insurance record and whether making voluntary contributions could boost your entitlement. Those who have spent time out of the workforce caring for family should also ensure they are receiving any National Insurance credits they are entitled to, while grandparents providing childcare may be able to benefit from Specified Adult Childcare Credits, a valuable but often underutilised way of increasing future State Pension income.
"Retirement can last for decades, but a quick pension check now is a simple way to make sure your retirement plans are still on track."
