The average UK pension pot for someone aged 55 to 64 is £96,500, according to the ONS Wealth and Assets Survey (April 2020 to March 2022, the latest round). That’s the median for pensions not yet being drawn, and it actually fell from £107,300 in the previous survey.
Geography and age play a big part, with the South East holding the highest household pension wealth and every age band under 55 growing its pot between the last two surveys.
Most people supplement their state pension with their investments and contributions to boost their retirement income.
This can be done by making one-off payments, claiming tax relief, and paying tax-free lump sums.
Pensions can be confusing. But with your future finances at stake, it’s something worth getting right sooner rather than later.
But how are you supposed to know what a good pension pot is? And how does your pension pot stack up against the average pension pot in the UK?
This guide will cover everything you need to know about the average UK pension pot, including how to increase your pension contributions and the best UK pension providers.
Table of Contents
Average Pension Pot UK
The average UK pension pot for someone aged 55 to 64 is £96,500 in pensions not yet being drawn, according to the ONS Wealth and Assets Survey (April 2020 to March 2022, the latest round). Pot size varies hugely by age, so check the age-band table below for where you sit.
That’s different from retirement income: the median UK pensioner household lives on £17,300 a year if single, or £33,800 a year as a couple, after housing costs, per the DWP Pensioners’ Incomes Series, FYE 2025 (published March 2026). Enough for the essentials, but a long way short of a comfortable retirement.
However, the State Pension alone rarely covers a comfortable retirement. From 6 April 2026, the full new State Pension pays £241.30 a week (about £12,548 a year), and the full basic State Pension pays £184.90 a week (about £9,615 a year), both correct as of the 2026/27 tax year after a 4.8% triple lock uprating. Most people still need a private pension on top to close the gap.
The average UK pension pot changes from time to time and could well be very different by the time your retirement rolls around.
Keeping an eye on how much the average person needs for a comfortable retirement can help you plan ahead so you can enjoy your twilight years as much as possible.
What Factors Can Impact My Pension?
There are a number of things that can impact your actual pension amount and it’s important to know what might boost or lower your pension pot while you still have time.
Here are just some of the things that can impact your pension:
Age
The age you retire directly affects how long your pension needs to stretch for.
For example, retiring at 50 might sound great but if you don’t have enough cash saved up, you could struggle to afford basic necessities during retirement.
Retiring at 80, on the other hand, will mean your retirement income doesn’t have to stretch quite as far.
Location
Surprisingly, a pension provider will sometimes look at mortality rates in your postcode to calculate how much yearly income you will receive.
There is, unfortunately, nothing you can do about this but it is still worth keeping in mind if you are planning to relocate once you reach pension age.
Work
For most people, a workplace pension is based on earnings. So the better annual income you have, the better your workplace pension pot is likely to be come retirement age.
Some people have a defined benefit (DB) pension which is a type of workplace pension based on your salary and how long you’ve worked for your current employer.
Combining a workplace pension plus a SIPP is how many people boost their pot beyond the default.
Average UK Pension by Location
Pension wealth differs depending on where you live. Here is the median household private pension wealth by region, from the ONS Wealth and Assets Survey (April 2020 to March 2022):
| South East | £137,200 |
| Wales | £120,200 |
| Scotland | £117,300 |
| East of England | £112,300 |
| South West | £101,400 |
| Yorkshire & the Humber | £95,100 |
| East Midlands | £90,000 |
| London | £89,000 |
| North East | £87,100 |
| North West | £86,500 |
| West Midlands | £82,700 |
| Great Britain (all households) | £101,700 |
Source: ONS Wealth and Assets Survey, April 2020 to March 2022. Median figures for households holding private pension wealth.
These are household figures for households that hold private pension wealth, so they read higher than individual pot sizes. Northern Ireland isn’t included because the survey covers Great Britain only.
Still, they show at a glance where pension wealth is concentrated, and the South East leads by some distance.
Average Pension Pot by Age
Age has the biggest impact of all. Here is the median pension pot for each age group, and what it means for you:
| Age band | Median pension pot | Where you stand |
|---|---|---|
| 16-24 | £5,500 | Most people this age are just starting out. Anything saved this early compounds for 40+ years. |
| 25-34 | £18,800 | If you’re above this, workplace auto-enrolment and early contributions are already paying off. |
| 35-44 | £39,500 | This is usually when pots start compounding visibly. Below this band, a contribution increase now has decades left to work. |
| 45-54 | £76,600 | Retirement is close enough that it’s worth checking your pot against the salary-multiple table below. |
| 55-64 | £96,500 | The closest band to retirement age, and the only one that shrank between survey rounds (down from £107,300). If you’re below this, focus on maximising contributions and checking for old, forgotten pots to consolidate. |
| 65+ | £74,800 | Pensions not yet drawn only. Including pensions already being paid out, the 65 to 74 median is £145,900. |
Source: ONS Wealth and Assets Survey, pension wealth in Great Britain dataset, April 2020 to March 2022 (Round 8, the latest available). Figures are medians for pensions not yet in payment, among people who hold them, not all adults.
The average pension size changes over time based on markets, contribution habits and the wider economy. Notably, the 55 to 64 age band was the only one to shrink between the last two survey rounds, down almost £11,000.
The earlier you start saving for your pension, the more compound interest you can accumulate. This can help you build a bigger pension pot over time so you have a higher income by the time you retire.
Curious how the rest of your money stacks up too? See the average UK savings by age to compare.
Want to hear how a professional adviser thinks about pension pots at different ages? In this episode of the Money Gains Podcast, financial adviser Holly Guscott (LCH Wealth) breaks down what’s actually making people rich in the UK, pensions included.
The Gender Pension Gap
Women’s pensions lag behind men’s throughout working life, and the gap widens with age. For people aged 55 to 59 who hold private pension wealth, the median amount is £81,000 for women against £156,000 for men, a 48% gap, according to gov.uk’s “Gender pensions gap in private pensions: 2020 to 2022” (published July 2025). Include people with no private pension wealth at all, and the gap widens to 62%.
The causes are structural: career breaks for caring, part-time work, and the gender pay gap all reduce contributions over time. If you want to see what closing that gap would mean in practice, try our UK Retirement Income Calculator to compare two pot sizes side by side.
What Is a Good Pension Pot Amount?
These days, knowing whether you’ve got enough in your pension pot is a common worry among both old and young people.
The ideal pension is also largely subjective because what is considered a good pension pot will differ depending on a person’s location, lifestyle, and retirement plans.
Some people might be perfectly happy with the state pension amount while others might be less than impressed.
Are You on Track? Pension Pot Targets by Salary
Rather than comparing yourself to a UK-wide average, a salary multiple tells you whether your own pot is keeping pace with your own earnings. Fidelity International, one of the UK’s largest pension providers, recommends these targets:
| Age | Target multiple of salary | Example on a £35,000 salary |
|---|---|---|
| 30 | 1x salary | £35,000 |
| 40 | 2x salary | £70,000 |
| 50 | 4x salary | £140,000 |
| 60 | 6x salary | £210,000 |
Source: Fidelity International, “Savings by age: how much should you have by 30, 40, 50 & 60?”
So if you’re 40 on a £35,000 salary, Fidelity’s benchmark says aim for a pot of roughly £70,000. Behind that? You’re not alone, and it’s worth reviewing your contribution rate now rather than at 55.
These multiples assume continuous saving since your first job, a steadily rising salary, and no career breaks, redundancy, or part-time years, so treat them as a guide, not a verdict. Anyone with caring responsibilities, self-employment gaps, or a late start will naturally sit below these numbers without having done anything wrong.
Want to see what your own pot would actually pay you each year? Try our UK Retirement Income Calculator to turn your current pot size into an estimated annual income.
How Much Do You Actually Need? Retirement Living Standards
The Pensions and Lifetime Savings Association (now Pensions UK) publishes three annual income benchmarks for what different lifestyles actually cost in retirement:
| Standard | Single person | Couple |
|---|---|---|
| Minimum | £13,900/year | £22,500/year |
| Moderate | £32,700/year | £45,400/year |
| Comfortable | £45,400/year | £62,700/year |
Source: Pensions UK (formerly PLSA), Retirement Living Standards, June 2026 update. Figures exclude housing costs and assume outright home ownership.
Compare these to the median pensioner incomes above (£17,300 single, £33,800 couple): most single pensioners are living closer to the Minimum standard than the Moderate one, which is exactly why closing the gap between the State Pension and a private pension pot matters.
How Can I Increase My Pension Contributions?
Maximising your pension savings can give you peace of mind if your state pension isn’t quite as much as you thought it would be.
More and more people are choosing to put some cash aside to help boost their annual retirement income amount when the time comes.
So, what can you do to increase your pension savings? If you’re weighing up whether a SIPP or ISA should come first, start there. Here are some top tips:
Make one-off payments
Making one-off payments if and when you can is a great way to build a good pension pot.
This can be anything from money left over from the weekly shop to a bonus you received at work.
These payments can’t be matched by an employer but they’ll still be tax-free.
Claim tax relief
Some pension schemes take your contributions directly from the part of your salary that has already been taxed.
This means if your tax rate is higher than 20%, you might be eligible to claim further tax relief through HMRC.
Pay a tax-free lump sum
Coming into some cash can be a great excuse to submit a big chunk of money towards your pension.
For example, if you pay in £1,000 from your take-home pay, HMRC tops it up to £1,250 at the basic 20% rate, so the relief is worth £250.
The actual amount depends on your individual circumstances.
Can I Withdraw My Pension Before 55?
Generally, you can’t withdraw any money from your pension before you turn 55. But there are some exceptions to this rule.
One of the few times when you can withdraw your pension before 55 is if you’re in poor health and are either unable to continue working or are not expected to live for more than a year.
Some pension schemes also offer benefits to people with lower life expectancies.
One of the other exceptions to the 55 rule is if your profession has a lower-than-average retirement age, such as professional athletes and airline pilots.
Some private pensions allow you to withdraw money before 55 but there will usually be a penalty fee involved.
Cashing in money from your pension before you turn 55 will also usually count as an unauthorised payment, which HMRC can tax at up to 55%.
How to Get the Most of Your Pension
There are steps you can take to boost your pension contributions but it’s what you do with them that counts.
Here are just some of the ways you can make the most of your pension contributions to improve your pension wealth:
Combine old pension pots
Most people have pension savings from different jobs sitting in different accounts but there are several advantages to consolidating them.
Because schemes come with different fees, moving all of your pensions into a lower-cost scheme can help you keep costs down.
Regularly review your personal pensions
Reviewing your personal pensions on a regular basis is a good way to check you’re getting the most out of them.
This can help you identify areas where you could be saving more. Even the slightest changes can make a huge difference to your final pension amount.
Shop around
Millions of people just accept their workplace or state pension without shopping around for a personal pension plan.
But by reviewing your options, you could find a better deal and boost your pension pot amount. From stakeholder pensions to drawdown pensions, there are so many options out there.
Why a Good Pension Pot Is Important
We all know a good pension pot is important but knowing why it’s important can be trickier to determine. This is especially important if you’re self-employed or have an irregular income.
Some people naively assume they’ll have enough money saved up by the time they reach retirement age but, for most, the state pension is barely enough to make ends meet.
Because of this, more and more people are relying on a personal pension on top of their state pension to bridge the gap.
Knowing this in your 20s is all well and good but leaving it until your 40s can mean it’s too late to save a decent amount before you retire.
Best Pension Providers in the UK
The best pension providers in the UK change from time to time and the best pension plan for someone else might not necessarily be the best option for you.
Here is a simple guide to the best places to get a pension in the UK:
Moneyfarm
Moneyfarm is a popular pension provider that can give you access to free financial advice and lower-than-average fees.
Their expertly-trained advisors also handle everything on your behalf so you know your money is in good hands.
Wealthify
Wealthify is popular because it’s simple and straightforward to use.
They offer a range of investment options to suit your financial circumstances and the platform couldn’t be easier to navigate.
FAQs
Why has my pension pot dropped in value?
The majority of your pension pot is made up of investments, such as stocks and shares, and when they drop in value, your money will also decrease in value.
Because your pension pot is based on economic, political, and stock market trends, past performance isn’t always an indication of future performance.
What is the average pension pot at retirement in the UK?
There’s no single official “at retirement” figure. The closest reliable proxy is the ONS Wealth and Assets Survey median for those aged 55 to 64: £96,500 in pensions not yet being drawn (April 2020 to March 2022, the latest round). Actual pots vary enormously by how much someone has contributed and for how long.
What is the average pension pot at 55?
The median pension pot for people aged 55 to 64 who hold pension wealth not yet in payment is £96,500, according to the ONS Wealth and Assets Survey (2020 to 2022). This age band is the closest to standard retirement age, so it’s the most useful benchmark if you’re approaching 55.
What is the average pension pot at 60?
ONS doesn’t publish a separate 60-only figure; it reports in ten-year bands. The 55 to 64 band, median £96,500 in pensions not yet drawn (ONS Wealth and Assets Survey, 2020 to 2022), is the closest official benchmark for age 60.
What is the average pension pot at 65?
For over-65s, the median in pensions not yet drawn is £74,800. Counting all private pension wealth, including pensions already being paid out, the 65 to 74 median rises to £145,900 (ONS Wealth and Assets Survey, 2020 to 2022).
What is the average private pension pot in the UK?
Among people who hold private pension wealth not yet in payment, the median rises from £5,500 at ages 16 to 24 to £96,500 at 55 to 64, with an all-ages median of £44,000, according to the ONS Wealth and Assets Survey (2020 to 2022). Around 3 in 10 adults hold no private pension wealth at all.
Final Thoughts
Comparing your pension against the national average can be a difficult pill to swallow. But there are things you can do to boost your pension income and safeguard your financial future.
The earlier you can start saving for your retirement, the better your annual income will be when you reach pension age.
For more inspiration on the topic, these five pension podcast episodes are worth your time.
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Disclaimer: Content on this page is for informational purposes and does not constitute financial advice. Always do your own research before making a financially related decision.
