AI, consumer expectations and pensions
Why engagement can't wait, and trust matters
AI, Consumer Expectations and Pensions
AI is rapidly reshaping how people expect to access information, make decisions, and interact with services. In pensions, that shift is already changing how consumers look for support: they want answers that are immediate, clear, personalised, and easy to trust.
Our report, AI, Consumer Expectations and Pensions: Why Engagement Can't Wait, and Trust Matters, explores the widening gap between consumer behaviour and industry readiness. It examines why members are already turning to AI for financial questions, what risks emerge when that happens outside regulated environments, and what pension providers can do to respond with confidence.
Doing nothing is not a neutral choice. If schemes do not meet members where they are, mainstream AI chatbots will continue to fill the gap — often without the safeguards, governance, or pension-specific context that good member outcomes require.
Key findings
UK adults using AI to help manage their finances
Have used AI for longer-term financial planning, including pensions
Pension withdrawals made without regulated advice
Why this report matters
AI is already at the front of the member experience — shaping how people seek answers, compare options, and begin making pension decisions. The challenge for the pensions industry is no longer whether to engage with AI, but how to do so in a way that supports better outcomes.
This report shows why consumer behaviour is moving faster than the industry, why engagement without safeguards can increase risk, and why trust cannot be outsourced to generic third-party tools.
It also sets out what trustworthy, member-centred AI in pensions looks like in practice: accessible, accurate, well-governed, and designed to support understanding rather than replace professional judgement.
Building trustworthy, consumer-facing AI takes time, investment and governance. But the cost of standing still may be higher. The decisions the industry makes now will shape not only how members engage with pensions, but whether they continue to trust the system at all.
Use this report to
- Understand how AI is already influencing pension member expectations and decision-making.
- Assess the risks of inaction, including growing reliance on unregulated tools outside pension scheme safeguards.
- Explore what trustworthy, pension-specific AI looks like in practice.
- Learn how to balance innovation, governance, and member trust.
- Make informed decisions about how your organisation should respond now.
Who should read this report?
This report is for decision-makers across pensions, benefits, retirement, and financial services who want to understand how AI is changing member expectations and what responsible adoption should look like in practice.
- Pension providers and scheme leaders
- Trustees and governance professionals
- Employee benefits and retirement specialists
- Digital, innovation, and transformation leaders
- Risk, compliance, and operations teams
- Employers looking to improve pension engagement and support