The pension engagement equation​

One thing we have seen clearly over the last few years: pension engagement never stands still.

The way people access information about their pension continues to evolve. Members who once relied on annual statements now expect digital experiences, with on-demand support and information when and where they want it. Then there’s the recent, growing interest in AI as another way to answer pension questions.

But while the channels are changing, the principles behind successful engagement remain consistent. The best outcomes happen when pension providers offer useful support, employers actively encourage engagement and members are curious about their financial future. Technology's role is to remove friction and make the next step easier.

We have seen plenty of evidence of that over the last year​.

Million-plus milestone​

The Scottish Widows Pension Mirror continues to evolve and do a fantastic job of helping people understand how they compare with their peers on their pensions savings journey, just by looking at a screen. This year it passed a significant milestone: more than one million uses. That is one million occasions when somebody took time to understand their financial future and explore the actions available to them.

Financial education is another important pillar. Last year, more than 100,000 workplace pension employees joined Scottish Widows Retirewell sessions and this year’s numbers are looking great too. These webinars help members get to grips with pensions and retirement planning through practical guidance and straightforward explanations.

A big part of Retirewell’s success is that it is designed around how people actually engage. The calendar is published well in advance, so members can choose sessions that are relevant to them and plan ahead. They get reminders before each one and can listen back in their own time if they don’t attend live. That flexibility makes pension education more accessible for people balancing work, family and other commitments.

Employers play a vital role, using ready-made emails to promote webinars scheduled to take place when members can take action.

For example, Tax Year End seminars run in February, allowing members to review contributions before their final pension payments of the tax year.

We support the annual Pension Engagement Season with several sessions and link our lost pensions content to National Pension Tracing Day.

Live interaction is especially valuable. Last year, webinar attendees asked more than 6,000 questions about topics like contributions, tax relief, retirement options and lost pensions. Their questions, together with answers from our pension specialists, reveal what members want to know and how they describe their savings. They also help train our AI, grounding digital support in real conversations and member needs.

On top of people searching social media for pension guidance, it’s now AI.

FCA research found that 29% of people who had used or explored pension and retirement services in the previous 12 months turned to AI for help.¹ Scottish Widows Retirement Report research also found that 30% trust AI for pension guidance, with regulated providers and financial experts their most trusted sources.

Recognising this shift, Scottish Widows recently introduced regulated AI in its app. In the first few months it has already supported more than 7,500 conversations, opening a safe route for scheme members to better understand their pensions in a regulated environment. 

But AI is not replacing human support. It provides another starting point, particularly for someone who may feel more comfortable asking a simple question before taking the next step.

The app itself has now passed one million users. I recently saw its value first-hand at a Pension Engagement Season workplace event. An employee approached my colleague and admitted paying very little attention to their pension but wanted to know where they stood. While registering for the app, we asked what they thought they had saved.

“Got to be about £30,000,” came the reply.

A few moments later, the figure appeared: £151,000. The app had automatically connected two Scottish Widows plans, one from a current employer and one from a former employer. Within minutes, someone who thought they had a modest pension had a completely different understanding of their retirement position. They were beaming with smiles and handshakes all round.

That experience connects to the number one question we are asked about pensions when meeting employees on-site: “How do I find my old pensions?”

With the Pensions Policy Institute estimating that more than £30 billion sits in lost pension pots, it is easy to understand why.² The newly launched Pension Tracing tool in the Scottish Widows app helps people track down pensions they may have lost sight of, taking the pain and uncertainty out of finding old savings – you only need to know a few bits of information to set it on its search path. It is another neat use of technology, not because it is flashy, but because it solves a genuine member problem.

Across all these examples, a clear pattern emerges. Technology is improving, channels are expanding and expectations are evolving. But technology alone does not create engagement.

The strongest results come when providers deliver support that members genuinely value, employers actively create opportunities and reasons to engage, and members are curious enough to take that first step. Technology then supports the environment around them, making pensions easier to understand, easier to find and easier to act on.

Whether the starting point is Retirewell, Pension Mirror, tracing a lost pot, checking the app or asking AI a question, great pension engagement is a team effort. When provider support, employer engagement, smart technology and member curiosity align, pension engagement is at its very best.

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Sources

1. FCA, AI and the future of retail financial services (The Mills Review), July 2026.
2. Pensions Policy Institute, Briefing Note 138 - Lost Pensions 2024, 2024.