The £170bn opportunity: 1.1 million pension savers plan to consolidate their pensions ahead of retirement

Retirement is the moment pension assets move, but providers are missing the opportunity to start the conversation

An estimated 1.1 million pension savers aged over 50 who have not yet retired plan to consolidate their pensions, meaning an estimated £170 billion is in play. According to Boring Money’s latest Pension Report 2026: The Retirement Crossroads, 4.5 million pre-retired pension savers aged over 50 hold more than one pension pot, and 25% of those plan on consolidating their pensions.

Among retirees, 37% of consolidations and 29% of pension provider switches took place in the year before or at retirement, making it the single most common time to move, yet pension providers rarely start the conversation. They prompt just 14% of people to plan for retirement, compared with 29% for friends and family and 24% for employers.

Among those who switched or consolidated:

• 29% left because they only had a small amount with the provider;

• 18% left because they had limited contact with it; and

• 18% left over high fees

• 16% due to poor investment range or performance

Elwira Costello, Research Director at Boring Money comments: “Retirement is one of the few times people really engage with their pension savings and ask whether they’re in the right place. We estimate that around £170 billion is potentially in play from people planning to consolidate their pensions. What’s striking is that providers are often not driving these conversations. People are more likely to be prompted by friends, family or employers, despite retirement being exactly the moment when many are reviewing their options and looking for guidance.”

Notes 

Boring Money Insights is an independent financial and investment research, data and publishing business.

The Retirement Crossroads: Pension Report 2026 draws on four sources:

• a survey of 2,025 UK pension savers aged 50+, both approaching and in retirement (September 2026);

• a nationally representative survey of 3,193 UK adults aged 50+ (January 2026);

• a survey of 452 Boring Money Research Panellists (September 2026);

• eight qualitative interviews with DC pension savers within five years of retirement.