By Anusha Mittal, Managing Director, Individual Life & Pensions

That was my key takeaway from a roundtable recently hosted by UK think tank the Social Market Foundation to launch our new co-sponsored report between M&G and SMF policy research calling for a “Pensions Dashboard Health Check”.

So, why does this matter?

At M&G, we believe in giving everyone real confidence to put their money to work. Today’s pensions landscape is complex. More people rely on defined contribution plans, live longer, and carry greater responsibility for retirement outcomes. Getting decisions right has never mattered more – which is why clear, timely information is essential.

The report highlights a major challenge: too many people are disengaged from their pensions and risk saving too little, too late. Our research shows many still feel distant from their pension. Forty per cent of full‑time workers don’t know how much their employer contributes, and more than 43% have never adjusted their own contributions. While most checked their pension in the past year, only 9% are saving enough for a comfortable retirement. That’s not just a gap – it’s a warning sign.

The proposed pensions dashboard health check is an important step forward. Done well, it can make pensions easier to understand, show people where they stand, and clarify their choices. But it’s only the start. People need a clear path that combines guidance, targeted support, and advice when things become complex.

In practice, a pension health check would work like this. When someone begins a new job and is automatically enrolled into their workplace pension, their employer would share information about the scheme and encourage them to use the pensions dashboards and health check services. When the individual logs into their dashboard, they would be able to see an estimated retirement income – showing what they might get from the State Pension, their workplace pensions, and any personal pensions. If they then wanted more personalised guidance, they would follow a link on the dashboard to book a pensions health check with a specialist.

Some will use a dashboard for reassurance; others will get a wake‑up call. Long, technical journeys won’t work for most. Design must focus on short, simple steps, timely prompts, and quick access to a real person when needed – helping people move from awareness to action.

Crucially, pensions don’t exist in isolation. People need confidence across their whole financial lives – emergency savings, debt, protection, tax, and retirement income. The full breadth of advice and evolving forms of guidance can provide that joined‑up support.

We must seize the introduction of the pension dashboard as a critical opportunity to help people feel confident about their savings throughout their lives. The pension health check is a first step towards greater awareness, clarity, and action.

For example, a 25‑year‑old early in their career. It would quickly show how even a small boost in contributions, like adding just 1%, could significantly increase their future income, especially with employer matching. They leave with a simple action plan and the confidence to increase their contributions straight away.

For a 45‑year‑old with scattered pots and years of minimum payments, the health check cuts through the complexity. After using the pension dashboard, they get a clear picture of whether they’re on track and what their retirement income could look like. The session helps them regain control, check they’re saving enough, better understand the benefits associated with their existing plans and decide whether bringing their pensions together is a better outcome for them.

This reflects M&G’s Reframing Retirement ambition: making retirement feel positive and purposeful, encouraging earlier engagement and steady saving. By keeping consumers at the centre and advisers close by, we can expand access, build trust, and deliver better long‑term outcomes.

With major pensions policy under consideration in the UK – particularly through the ongoing work of the Pensions Commission – we hope this report makes a meaningful contribution to improving retirement prospects for millions.

Find out more about our Reframing Retirement campaign here

To read the full report from the SMF, and to find out more about the proposed pension health check visit their website here