UK Plans Free Pension Health Checks for Retirement Savers

Getting a clear picture of your retirement savings is about to become much easier in the UK, and now experts want to make sure people know what to do with that information.

A leading think tank is calling for free pension "health checks" to help workers understand if they're on track for the retirement they want. The Social Market Foundation, working with savings firm M&G, wants these guidance sessions built right into the new pension dashboards launching soon.

Those dashboards will let people see all their pension pots in one place for the first time. Many UK workers have accumulated multiple pensions from different jobs over the years, making it nearly impossible to know their true retirement picture.

But seeing the numbers is only half the battle. New research shows that two out of five full-time workers don't even know how much their employer contributes to their pension. Even more striking, 43% have never adjusted their own contribution levels.

The proposed health checks would step in at exactly the right moment. When someone logs into their dashboard and sees they might be under-saving, a free guidance session would help them understand what steps to take next.

MoneyHelper, a government-backed service, could deliver the first version of these health checks. The impartial platform would offer personalized advice before commercial providers join in.

Why This Inspires

This isn't just about individual bank accounts. When people save adequately for retirement, it eases pressure on the welfare system and helps society handle an aging population more gracefully.

The initiative recognizes something important: information alone doesn't change behavior. People need support to turn awareness into action, especially when facing something as overwhelming as retirement planning.

The timing matters too. With traditional pensions that guaranteed a set income becoming rare, more workers now bear the risk themselves. Having expert guidance available exactly when they need it could help millions avoid serious financial struggles later in life.

Richard Hyde from the Social Market Foundation captured it perfectly: "Without follow-up support, there's a real risk people see worrying figures and don't know what to do next."

The best news is that the infrastructure is already coming, making it the perfect moment to add this crucial human element to the technology.