Retirement Living Standards

Undersaving in the UK

Number of adults who were not retired but not saving into a pension in 2020

9.6 million

Source

Number of people of working age who are undersaving for retirement

12.5 million

Source

Proportion and number of working age people undersaving for retirement, measured against the Pensions UK minimum retirement living standard

12% - 4.1 million

Source

Proportion and number of working age people who are undersaving relative to the 'moderate' retirement living standard

51% - 17.7 million

Source

Proportion and number of working age people who are undersaving relative to the 'comfortable' retirement living standard

88% - 30.4 million

Source

Proportion of workers in the lowest income band (<£12,500) who do not meet the required threshold

34%

Source

Target replacement rates

Proportion of earnings that a lower earner would need as income in retirement to ensure a similar lifestyle

80%

Source

Proportion of earnings that a median earner would need as income in retirement to ensure a similar lifestyle

60 to 66%

Source

Proportion of earnings that a higher earner would need as income in retirement to ensure a similar lifestyle

50%

Source

PensionBee is authorised and regulated by the Financial Conduct Authority.
With pensions, your capital is at risk.

General enquiries: 020 3457 8444

General enquiries: [email protected]
‍
‍Press: [email protected]

‍Partners: [email protected]

PensionBee, 209 Blackfriars Road, London, SE1 8NL

© Copyright 2025 PensionBee Ltd. Company registration: 9354862. FCA Reference Number: 744931. Information Commissioner's Office registration: ZA131262. We use cookies to ensure that you get the best possible experience. By continuing to use our website you are agreeing to their use. Find out more about cookies.

Estimated financial needs associated with various retirement lifestyles.

Undersaving in the UK

Single vs couple undersaving

Target replacement rates

Be pension confident!