Pensions & Retirement – Detaching myth from reality

Published: 07/01/2026 By Oliver O'Brien

The latest analysis from the government show that:

• Retirees in 2050 will have 8% lower retirement income than those in 2025. In addition, 
• Nearly 15 million working age people unlikely to have adequate retirement income.

There is a clear issue that people aren’t saving enough.

Yet when surveyed by Royal London:

•  Employees ranked pensions as the second most important workplace benefit behind salary
• 72% checked their pensions at least once a year. 

So why the disconnect? People know pensions are valuable, but they just aren’t engaging with them enough to achieve the retirement living standard they need,

The survey also revealed that, on average, employees believe they would need over £58,000 per annum for a good retirement, however:

• This is significantly higher than the Retirement Living Standards estimate of £43,900 per annum
• Only 31% of those surveyed had even heard of the Retirement Living Standard

People are potentially chasing a mythical value that isn’t based in reality, leading to disappointing outcomes when looking at their pensions; fuelling inaction.

Advice is associated with action. Those who take advice are more likely to switch pension investments, make one-off contributions or transfer/consolidate,  all of these actions can potentially improve your future. Yet more than half of the employees surveyed have never sought advice or guidance on their workplace pension.

Speak to one of our financial advisors  today to avoid inaction and seize control of your future.

Call us on 0208 661 7878 or email advice@turpinba.co.uk