Two-fifths of full-time workers with a pension do not know how much their employer contributes, while more than four in 10 have never changed their own contribution levels, research from the Social Market Foundation (SMF) has found.

The findings, published today in a report supported by M&G, highlighted widespread disengagement with pension saving and renewed concerns over what policymakers have described as a looming “retirement under-saving” crisis.

Indeed, polling analysis showed that around five million full-time employees with a pension had rarely checked their savings.

Some 7 per cent said they had never looked at their pension pot, while a further 14 per cent had not checked it for at least a year.

Despite this, 73 per cent said they had checked their pension in the past 12 months.

The research also revealed that 43 per cent of full-time workers had never adjusted their contribution rate, while nearly half (49 per cent) had not consolidated their pensions despite holding more than one pot.

According to government projections cited in the report, only 9 per cent of working-age people were currently on track to save enough for a comfortable retirement.

In response, the SMF has called for the introduction of a 'pensions dashboard health check' to sit alongside the forthcoming pensions dashboards programme.

The proposed health check would provide savers with personalised, practical guidance to help them understand what their pension savings would mean for their future retirement income and what steps they could take to improve outcomes.

While pensions dashboards are designed to allow individuals to see all their pension pots in one place, the SMF warned that information alone is unlikely to be enough to drive meaningful behavioural changes.

The report argued that many savers lacked the confidence or knowledge to act even if dashboards showed they were off track, and that evidence from other countries suggested that take-up of dashboard-style tools could be low.

Under the proposals, the health check would be integrated into the dashboard experience and delivered initially by the Money and Pensions Service (Maps) through its MoneyHelper service, before commercial dashboard providers offered similar options.

The SMF also recommended that employers play a stronger role by encouraging staff to use dashboards and access the health check at key career moments, such as when joining a new workplace pension.

SMF senior researcher, Richard Hyde, warned that while pensions dashboards were “a welcome step forward”, information on its own would not fix the problem.

“Millions of people are still under-saving for retirement, and many barely engage with their pensions at all," he explained.

“Without follow-up support, there’s a real risk people see worrying figures and don’t know what to do next.

“A pensions dashboard health check - offering additional personalised guidance - could help turn awareness into action.”

Hyde added that using the employment relationship to prompt engagement could be key if the government wanted dashboards to deliver lasting change.

Echoing this, M&G managing director of individual life and savings, Anusha Mittal, said the research showed the UK was “facing into a retirement and savings crisis”, driven by low engagement and financial confidence.

“Pension dashboards will have a significant role to play, but they need to be supercharged by regular pension health checks, which provide practical and accessible guidance,” she added.

“With the right help, a health check could turn passive awareness into confident, future-proof decisions.”

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