M&G, a leading savings and investment firm, is calling on the Government to introduce regular ‘Pension Health Checks’ alongside the rollout of pension dashboards later this year to give people the clarity, confidence and support needed to plan effectively for retirement.
The call comes as the Government’s Pension Commission1 warns that 15 million people are currently under saving for retirement, a figure that could rise to 19 million without action. Separate research by M&G in partnership with the Social Market Foundation2, suggests that this challenge is compounded by low engagement, with two fifths (40%) of workers unaware of their employer contributions and many rarely reviewing their pension savings.
M&G believes Pension Health Checks should complement pension dashboards which will, for the first time, give savers a one stop shop view of all their pension pots, but more is needed to turn awareness into action. M&G has created a short animation3 to show how a Pension Health Check would work and the benefits it could bring.
A Pension Health Check would be delivered at key life moments, such as starting a new job, giving individuals personalised insights into savings, what they mean for retirement and the steps needed to improve outcomes. M&G’s proposal would see Pension Health Checks embedded into the workplace, helping people take stock throughout their careers and ensuring the new dashboard infrastructure delivers real improvements in retirement outcomes.
Financial advisers would be key to making Pension Health Checks meaningful. While dashboards show people where they stand, the health check, supported by an adviser would help turn that insight into clear, timely decisions aligned to an individual’s goals.
“We need to reframe retirement planning so people feel able to take small, practical steps throughout their working lives by gaining an understanding of what their current pension pots would mean, rather than risk saving too little, too late. Combining pension dashboards with regular Pension Health Checks can turn awareness into action and give people the clarity and confidence to support the retirement they want.”
Andrea Rossi, CEO of M&G plc
“The real test for Pension Dashboards will be whether they lead to action. For many people, simply seeing their savings won’t be enough to change behaviour without further support. A Pension Health Check can help close that gap by turning awareness into simple, practical steps. For government, the opportunity now is to build on dashboards by using the workplace to drive greater engagement and help people make better decisions about their retirement savings over time.”
Theo Bertram, Director, Social Market Foundation
The call for a Pension Health Check is part of M&G’s wider Reframing Retirement campaign which is challenging outdated perceptions of retirement to encourage positive conversations about pensions and financial planning.
1 Britain is undersaving for retirement warns Pensions Commission – GOV.UK
2 Further detail on how a Pension Health Check could operate – developed with input from M&G’s experts – is set out in the Social Market Foundation’s report (January 2026), From engagement to action: Improving retirement saving outcomes through the provision of a pensions dashboard health check – Social Market Foundation.
3 M&G’s animation of the Pension Health Check – MGP_992 – 104 – Pension Animation [16×9].mp4 – MGP_992 – 104 – Pension Animation [16×9] – Frame.io
