The United Kingdom (UK) pension fund market is comprised of a hybrid system with UK citizens benefiting from either or both a private and public pension scheme. Public pension schemes come in the form of a state pension. The payments provided to the recipients are dependent upon each individual’s National Insurance contributions and age. Private pension schemes come in the form of workplace pensions which have been set up by individual employers, such as the BT pension Scheme (BTPS) or personal pensions typically utilized by self-employed persons. While schemes vary, pension contributions are made primarily through two structures: defined benefit and defined contribution. In a defined benefit policy, the future retirement payment to be received by the policyholder is predetermined or at least a guaranteed minimum amount. However, with a defined contribution scheme, the regular contribution (or “premium”) paid to the scheme is fixed, and the payout received by the policyholder upon retirement is dependent upon the fund’s investment performance. Individuals may also choose to combine these two pension structures, increasing their personal total pension contributions.
Pension funds in the United Kingdom (UK) - statistics & facts
The United Kingdom (UK) pension fund market is comprised of a hybrid system with UK citizens benefiting from either or both a private and public pension scheme. Public pension schemes come in the form of a state pension. The payments provided to the recipients are dependent upon each individual’s National Insurance contributions and age. Private pension schemes come in the form of workplace pensions which have been set up by individual employers, such as the BT pension Scheme (BTPS) or personal pensions typically utilized by self-employed persons. While schemes vary, pension contributions are made primarily through two structures: defined benefit and defined contribution. In a defined benefit policy, the future retirement payment to be received by the policyholder is predetermined or at least a guaranteed minimum amount. However, with a defined contribution scheme, the regular contribution (or “premium”) paid to the scheme is fixed, and the payout received by the policyholder upon retirement is dependent upon the fund’s investment performance. Individuals may also choose to combine these two pension structures, increasing their personal total pension contributions.
Key insights
- Leading medium-sized pension consulting firms in the UK
- Mercer Limited
![Revenue of leading pension consulting firms in the United Kingdom (UK) in 2023 (in million GBP)](https://cdn.statcdn.com/Statistic/1400000/1403786-blank-100.png)
Detailed statistics
Revenue of leading pension consulting firms in the UK 2023
- Number of new state pension recipients in the UK
- 3.22m
![Number of pension recipients in the United Kingdom from November 2020 to February 2023, by pension type (in millions)](https://cdn.statcdn.com/Statistic/1325000/1329444-blank-100.png)
Detailed statistics
Number of pension recipients in the UK 2020-2023, by pension type
- Number of complaints regarding pension products and services in the UK
- 5,674
![Number of complaints regarding pension products and services in the United Kingdom (UK) from 2009/2010 to 2022/23](https://cdn.statcdn.com/Statistic/415000/419052-blank-100.png)
Detailed statistics
Customer complaints about pensions in the United Kingdom (UK) 2009-2023
Editor’s Picks Current statistics on this topic
Further recommended statistics
Overview
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Premium Statistic
Investments of pension funds in the UK 2006-2022
Investments of pension funds in the UK 2006-2022
Total investment of pension funds in the United Kingdom (UK) from 2006 to 2022 (in billion U.S. dollars)
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Premium Statistic
Largest pension funds in the UK 2022, by aum
Largest pension funds in the UK 2022, by aum
Largest pension funds in the United Kingdom in 2022, by assets under management (in billion GBP)
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Premium Statistic
Revenue of leading pension consulting firms in the UK 2023
Revenue of leading pension consulting firms in the UK 2023
Revenue of leading pension consulting firms in the United Kingdom (UK) in 2023 (in million GBP)
Pension recipients
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- Premium Statistic Number of pension recipients in the UK 2023, by pension category and gender
- Premium Statistic Number of pension recipients in the UK 2023, by region and gender
- Premium Statistic Number of pension recipients in the UK 2023, by weekly amount and gender
- Premium Statistic Number of pension recipients in the UK 2020-2023, by gender
- Premium Statistic Number of pension recipients in the UK 2023, by age and gender
- Premium Statistic Average weekly pension payment in the UK 2020-2023, by gender
- Premium Statistic Number of pension recipients in the UK 2020-2023, by pension type
Pension recipients
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Premium Statistic
Number of pension recipients in the UK 2023, by pension category and gender
Number of pension recipients in the UK 2023, by pension category and gender
Number of pension recipients in the United Kingdom in February 2023, by pension category and gender (in millions)
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Premium Statistic
Number of pension recipients in the UK 2023, by region and gender
Number of pension recipients in the UK 2023, by region and gender
Number of pension recipients in the United Kingdom in February 2023, by region and gender
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Premium Statistic
Number of pension recipients in the UK 2023, by weekly amount and gender
Number of pension recipients in the UK 2023, by weekly amount and gender
Number of pension recipients in the United Kingdom in February 2023, by weekly amount and gender (in millions)
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Premium Statistic
Number of pension recipients in the UK 2020-2023, by gender
Number of pension recipients in the UK 2020-2023, by gender
Number of pension recipients in the United Kingdom from November 2020 to February 2023, by gender (in millions)
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Premium Statistic
Number of pension recipients in the UK 2023, by age and gender
Number of pension recipients in the UK 2023, by age and gender
Number of pension recipients in the United Kingdom in February 2023, by age and gender (in millions)
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Premium Statistic
Average weekly pension payment in the UK 2020-2023, by gender
Average weekly pension payment in the UK 2020-2023, by gender
Average weekly pension payment in the United Kingdom from November 2020 to February 2023, by gender
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Premium Statistic
Number of pension recipients in the UK 2020-2023, by pension type
Number of pension recipients in the UK 2020-2023, by pension type
Number of pension recipients in the United Kingdom from November 2020 to February 2023, by pension type (in millions)
Pension scheme payments
4
- Premium Statistic Net flow of benefits and contributions to pension schemes in the UK Q3 2020-Q3 2023
- Premium Statistic Total contributions made to pension funds in the UK Q3 2019-Q3 2023, by scheme type
- Premium Statistic Total benefits made to pension funds in the UK Q3 2019-Q3 2023, by scheme type
- Premium Statistic Market value of pension plans in the UK 2019-2023, by pension scheme type
Pension scheme payments
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Premium Statistic
Net flow of benefits and contributions to pension schemes in the UK Q3 2020-Q3 2023
Net flow of benefits and contributions to pension schemes in the UK Q3 2020-Q3 2023
Net flow of benefits and contributions to private and public pension schemes in the United Kingdom from the 3rd quarter 2019 to 3rd quarter 2023 (in million GBP)
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Premium Statistic
Total contributions made to pension funds in the UK Q3 2019-Q3 2023, by scheme type
Total contributions made to pension funds in the UK Q3 2019-Q3 2023, by scheme type
Total contributions made to pension funds in the United Kingdom (UK) from Q3 2019 to Q3 2023, by scheme type (in million GBP)
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Premium Statistic
Total benefits made to pension funds in the UK Q3 2019-Q3 2023, by scheme type
Total benefits made to pension funds in the UK Q3 2019-Q3 2023, by scheme type
Total benefits made to pension funds in the United Kingdom from Q3 2019 to Q3 2023, by scheme type (in million GBP)
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Premium Statistic
Market value of pension plans in the UK 2019-2023, by pension scheme type
Market value of pension plans in the UK 2019-2023, by pension scheme type
Market value of pension plans in the United Kingdom (UK) from December 2019 to September 2023, by pension scheme type (in trillion GBP)
Pension fund asset allocation
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- Premium Statistic Asset allocation of the USS in the UK 2023, by asset type
- Premium Statistic Asset allocation of the USS worldwide 2024, by region
- Premium Statistic Asset allocation of the Electricity Supply Pension in the UK 2023, by asset type
- Premium Statistic Net assets of the NatWest Group Pension Fund in the UK 2023, by asset type
- Premium Statistic Asset allocation of the BTPS in the UK 2023, by asset type
- Premium Statistic Total swap derivatives contracts balance of private pensions UK 2019-2023, by type
- Premium Statistic Pooled holdings and repo liabilities of private pensions UK 2019-2023
- Premium Statistic Total bond holdings of private sector pensions in the UK 2019-2023
Pension fund asset allocation
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Premium Statistic
Asset allocation of the USS in the UK 2023, by asset type
Asset allocation of the USS in the UK 2023, by asset type
Asset allocation of the Universities Superannuation Scheme (USS) in the United Kingdom in 2023, by asset type (in million GBP)
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Premium Statistic
Asset allocation of the USS worldwide 2024, by region
Asset allocation of the USS worldwide 2024, by region
Asset allocation of the Universities Superannuation Scheme (USS) worldwide in 2024, by region
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Premium Statistic
Asset allocation of the Electricity Supply Pension in the UK 2023, by asset type
Asset allocation of the Electricity Supply Pension in the UK 2023, by asset type
Asset allocation of the Electricity Supply Pension Scheme in the United Kingdom in 2023, by asset type (in billion GBP)
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Premium Statistic
Net assets of the NatWest Group Pension Fund in the UK 2023, by asset type
Net assets of the NatWest Group Pension Fund in the UK 2023, by asset type
Net assets of the NatWest Group Pension Fund in the United Kingdom on 2023, by asset type (in million GBP)
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Premium Statistic
Asset allocation of the BTPS in the UK 2023, by asset type
Asset allocation of the BTPS in the UK 2023, by asset type
Asset allocation of the BT Pension Scheme (BTPS) in the United Kingdom in 2023, by asset type (in billion GBP)
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Premium Statistic
Total swap derivatives contracts balance of private pensions UK 2019-2023, by type
Total swap derivatives contracts balance of private pensions UK 2019-2023, by type
Total swap derivatives contracts balance of private sector pensions in the United Kingdom from December 2019 to September 2023, by type (in billion GBP)
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Premium Statistic
Pooled holdings and repo liabilities of private pensions UK 2019-2023
Pooled holdings and repo liabilities of private pensions UK 2019-2023
Defined benefit and hybrid liability-driven investment pooled holdings of private sector pensions in the United Kingdom from March 2019 to September 2023 (in billion GBP)
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Premium Statistic
Total bond holdings of private sector pensions in the UK 2019-2023
Total bond holdings of private sector pensions in the UK 2019-2023
Total bond holdings of private sector pensions in the United Kingdom from September 2019 to September 2023 (in billion GBP)
Individual performance indicators
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- Premium Statistic Expected cash flow of the USS in the UK from benefits accrued in 2023-2043
- Premium Statistic Total cash flow of the NatWest Group Pension Fund in the UK 2020-2023, by activity
- Premium Statistic Total income of the Money and Pension Services in the UK 2022-2023, by income source
- Premium Statistic Bank of England pension fund assets and liabilities in the UK 2022-23, by asset type
Individual performance indicators
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Premium Statistic
Expected cash flow of the USS in the UK from benefits accrued in 2023-2043
Expected cash flow of the USS in the UK from benefits accrued in 2023-2043
Expected cash flow of the Universities Superannuation Scheme (USS) in the UK from benefits accrued in 2023 projected to 2043 (in billion GBP)
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Premium Statistic
Total cash flow of the NatWest Group Pension Fund in the UK 2020-2023, by activity
Total cash flow of the NatWest Group Pension Fund in the UK 2020-2023, by activity
Total cash flow of the NatWest Group Pension Fund in the United Kingdom (UK) from 2020 to 2023, by activity (in million GBP)
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Premium Statistic
Total income of the Money and Pension Services in the UK 2022-2023, by income source
Total income of the Money and Pension Services in the UK 2022-2023, by income source
Total income of the Money and Pension Services in the United Kingdom (UK) from April 2022 to March 2023, by income source (in million GBP)
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Premium Statistic
Bank of England pension fund assets and liabilities in the UK 2022-23, by asset type
Bank of England pension fund assets and liabilities in the UK 2022-23, by asset type
Bank of England pension fund assets and liabilities in the United Kingdom (UK) from 2022 to 2023, by asset type (in thousand GBP)
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