Don’t leave your pension until March, savers warned as summer “pension MOT” window opens

Penfold urges savers to use the quieter summer months for a “pension MOT” instead of waiting until the next tax-year scramble

UK savers are leaving too many pension decisions until the last minute, with new Penfold data showing that 22%of annual pension contributions were made in March 2026, the final month of the tax year.

The spike suggests many savers are still treating pensions as a once-a-year tax deadline task, rather than a long-term savings habit. Penfold is now urging people to use the summer months, when tax-year pressure is lower and there is more time to make considered decisions, to review their pensions before the next March rush begins.

The warning comes at a time of growing concern about retirement adequacy in the UK. The Pensions Commission has warned that millions of people are not saving enough for retirement, with low and middle earners, the self-employed and women among the groups most exposed.

Chris Eastwood, CEO of Penfold, said: “The problem is not that people ignore pensions completely. It is that too many only look properly when the clock is already ticking. March becomes a panic month: people search for old login details, rush top-ups and try to make decisions under pressure.

“Summer is the opposite of that. It gives savers the breathing room to check where their pension is, what they are paying in, whether they are getting the tax relief they are entitled to, and whether old pots are being forgotten.”

Pensions are designed to work over decades, but small moments of inaction can add up. Forgotten pension pots, duplicated fees, missed employer contributions and underused tax relief can all affect long-term retirement outcomes.

Under current rules, pension savers may be able to receive tax relief on private pension contributions, while the annual allowance is the maximum that can usually be saved into pension pots in a tax year before tax charges may apply. For many savers, however, these rules only become front of mind in the final weeks before the tax year ends.

“Leaving pension decisions until March can mean people act reactively rather than strategically,” added Eastwood. “Saving earlier in the year gives contributions more time in the market, helps people spread top-ups more comfortably, and reduces the risk of missing deadlines or allowances.

“A pension review does not need to take over your summer. But spending a short amount of time now checking the basics could put savers in a much better position before the next tax year-end.”

Penfold recommends savers use the summer to check five pension basics:

1. Find old pension pots

Anyone who has changed jobs several times may have pensions with previous employers. Tracking them down can reduce the risk of losing sight of retirement savings.

2. Check current contribution levels

Savers should review how much they and their employer are paying in, and whether those contributions still match their retirement goals.

3. Understand tax relief

Pension tax relief can make contributions more valuable, but higher-rate taxpayers may need to claim additional relief depending on the type of scheme they use.

4. Review fees and investment choices

Charges and investment options can vary between providers. Savers should check whether their pension still suits their needs and risk appetite.

5. Avoid the March password panic

Logging in, updating personal details and checking beneficiaries now can prevent rushed admin at tax year-end.

“Pensions do not stop working when people go on holiday. Contributions continue, investments move, fees are deducted and time keeps passing. The savers who benefit most are often the ones who build simple, consistent habits rather than leaving everything to the final month of the tax year,” concluded Eastwood.