UK Pension Wealth Statistics: The Numbers

Private pension wealth in Great Britain reached £6.1 trillion, or 42% of total household wealth, in the most recent dedicated Office for National Statistics breakdown covering April 2016 to March 2018 (ONS, Pension wealth in Great Britain, April 2016 to March 2018).

That scale is why pensions now sit close to the centre of many families' wealth, and why a coming tax change matters. This page pulls together the headline UK pension wealth statistics from named official sources, the ONS Wealth and Assets Survey and the Department for Work and Pensions (DWP), and explains, as general information, how they connect to a wider estate planning guide. All statistics are attributed to their source and reference period. Tax figures are current as at July 2026 and are subject to change.

Key pension wealth figures at a glance

Total private pension wealth in Great Britain stood at £6.1 trillion in April 2016 to March 2018, up from £3.6 trillion a decade earlier, according to the ONS Wealth and Assets Survey (April 2016 to March 2018). The table below gathers the main published figures, each with its source and reference period.

Statistic	Figure	Source & period
Aggregate private pension wealth, Great Britain	£6.1 trillion (42% of total wealth)	ONS, Apr 2016–Mar 2018
Private pension share of household wealth	35%	ONS, Apr 2020–Mar 2022
Median household total wealth	£293,700	ONS, Apr 2020–Mar 2022
Eligible employees saving into a workplace pension	89% (2024)	DWP, 2024
Total annual workplace pension saving (eligible savers)	£149.7 billion (2024)	DWP, 2024
Full new State Pension	£241.30 a week	gov.uk, as at July 2026, subject to change

Note: the ONS produces its pension and total wealth figures from the biennial Wealth and Assets Survey; methodological changes mean some series are not directly comparable across releases. See the sources section below.

How big is UK pension wealth?

Aggregate private pension wealth in Great Britain grew from £3.6 trillion in July 2006 to June 2008 to £6.1 trillion in April 2016 to March 2018, after adjusting for inflation, according to the ONS Wealth and Assets Survey. Its share of total wealth rose from 34% to 42% over the same period, making pensions a growing part of the national balance sheet.

Period	Aggregate private pension wealth	Share of total wealth
July 2006 to June 2008	£3.6 trillion	34%
April 2016 to March 2018	£6.1 trillion	42%

Source: ONS, Pension wealth in Great Britain, April 2016 to March 2018 (inflation-adjusted). Figures subject to revision.

Within that £6.1 trillion, the ONS reports that 48% (£2,916 billion) was held in pensions already in payment, 37% (£2,242 billion) in active pensions still being paid into, and 15% (£940 billion) in preserved pensions from past employment (ONS, April 2016 to March 2018).

Who holds pension wealth?

Around 89% of eligible employees in Great Britain were saving into a workplace pension in 2024, up sharply since automatic enrolment began in 2012, and together they saved £149.7 billion that year, a £49.1 billion real-terms rise on 2012 (DWP, Workplace pension participation and savings trends, 2024). Participation and accrued wealth still vary by age and by sex.

In the ONS survey for April 2016 to March 2018, 53% of adults below State Pension age had an active private pension, comprising 56% of men and 51% of women. Median active pension wealth was £25,300 for men and £20,000 for women, and among people aged 65 and over with a pension in payment, median pension wealth for men was double that for women (ONS, Pension wealth in Great Britain, April 2016 to March 2018).

Measure (Apr 2016–Mar 2018)	Men	Women
Active private pension participation (below State Pension age)	56%	51%
Median active pension wealth	£25,300	£20,000

Source: ONS, Pension wealth in Great Britain, April 2016 to March 2018. Figures subject to revision.

Component	Share of total wealth
Net property wealth	40%
Private pension wealth	35%
Net financial wealth	14%
Physical wealth	10%

Why the 2027 inheritance tax change matters

From 6 April 2027, most unused pension funds and death benefits will generally be brought within the value of a person's estate for inheritance tax, HM Treasury has confirmed (gov.uk, Inheritance Tax on unused pension funds and death benefits, as at July 2026, subject to change). Given the scale of pension wealth, this connects two large parts of the balance sheet.

What the government estimates (illustration of scale). Of around 213,000 estates with inheritable pension wealth in 2027 to 2028, an estimated 10,500 estates would have an inheritance tax liability where previously they would not, and around 38,500 would pay more than before. The average inheritance tax liability is expected to rise by around £34,000 where pension assets are included (gov.uk, as at July 2026, subject to change). Certain death-in-service benefits and some dependants' scheme pensions are outside the scope of the change.

Inheritance tax is charged at a standard 40% on the part of an estate above the available tax-free thresholds. The nil-rate band is £325,000 per person and the residence nil-rate band up to £175,000, so a married couple or civil partners may pass on up to £1,000,000 in some circumstances (gov.uk/inheritance-tax, as at July 2026, subject to change). Because a pension may now count towards that total, some people are reviewing how pensions sit alongside the rest of their estate. Our sibling guide to inheritance tax on pensions looks at this in more detail, and the wider Inheritance Tax Explained guide covers the thresholds.

Pension wealth used to sit largely outside inheritance tax. From April 2027 the picture changes, which is why the numbers on both sides are worth understanding together.

What the numbers mean

Private pension wealth has roughly kept pace with property as a share of household wealth, at 35% against 40% in April 2020 to March 2022 (ONS, April 2020 to March 2022). Read alongside high workplace participation, the direction of travel is that pensions matter to more households than they once did.

A few observations, offered as general commentary rather than advice:

Concentration in older cohorts. Nearly half of private pension wealth, 48%, sat in pensions already in payment in April 2016 to March 2018, which tends to concentrate the largest pots among people at or near retirement (ONS, Apr 2016–Mar 2018).
Automatic enrolment has widened participation. With 89% of eligible employees saving in 2024, more people are building pension wealth, though median active pots for newer savers can be modest at first (DWP, 2024).
A persistent gap by sex. Median active pension wealth was £25,300 for men and £20,000 for women in the ONS survey, one of several gaps that estate and retirement planning can take into account (ONS, Apr 2016–Mar 2018).

How any of this applies to a particular household depends on circumstances, and the figures change over time. Many people choose to discuss pension and estate questions together with a qualified professional, such as an FCA-authorised financial adviser for the pension itself and a solicitor or STEP practitioner for the estate.

Sources and methodology

Every statistic on this page comes from a named official source and is dated to its reference period. The ONS figures are drawn from the Wealth and Assets Survey, a biennial survey of households in Great Britain; the ONS notes that methodological changes mean some pension series are not directly comparable across releases.

ONS, Pension wealth in Great Britain, April 2016 to March 2018 (aggregate £6.1 trillion, composition, participation and median wealth by sex). View source.
ONS, Total wealth in Great Britain, April 2020 to March 2022 (component shares and median household total wealth of £293,700). View source.
DWP, Workplace pension participation and savings trends, 2009 to 2024 (89% participation and £149.7 billion saved in 2024). View source.
gov.uk, new State Pension (full new State Pension of £241.30 a week, as at July 2026, subject to change). View source.
gov.uk, Inheritance Tax on unused pension funds and death benefits (2027 change and estate estimates). View source.
gov.uk, Inheritance Tax (nil-rate band and rates, as at July 2026). View source.

Frequently asked questions

How much pension wealth is there in the UK?

Aggregate private pension wealth in Great Britain was £6.1 trillion, or 42% of total household wealth, in the most recent dedicated ONS breakdown covering April 2016 to March 2018 (ONS). ONS figures cover Great Britain rather than the whole UK, and are subject to revision. Northern Ireland is not included in this particular series.

What share of household wealth is held in pensions?

Private pension wealth made up 35% of total household wealth in Great Britain in April 2020 to March 2022, the second-largest component after net property wealth at 40%, according to the ONS Wealth and Assets Survey. Net financial wealth was 14% and physical wealth 10%. Shares are rounded by the ONS and can change between releases.

How many people pay into a workplace pension?

Around 89% of eligible employees in Great Britain were saving into a workplace pension in 2024, according to the DWP (2024). Participation rose substantially after automatic enrolment began in 2012. Eligible employees are those meeting the enrolment age and earnings criteria, so the figure does not cover everyone in work.

Will pensions be subject to inheritance tax?

From 6 April 2027, most unused pension funds and death benefits will generally be included in the value of an estate for inheritance tax, which is charged at a standard 40% above available thresholds (gov.uk, as at July 2026, subject to change). Some death-in-service benefits are outside the scope. How this affects any individual depends on their circumstances.

Is there a difference between men's and women's pension wealth?

The ONS found a gap in its April 2016 to March 2018 survey: median active private pension wealth was £25,300 for men and £20,000 for women, and among people aged 65 and over with a pension in payment, median pension wealth for men was double that for women (ONS). These are population medians and vary by age and working history.

Do these statistics cover the whole UK?

The ONS Wealth and Assets Survey covers Great Britain, meaning England, Scotland and Wales, not the whole United Kingdom, so Northern Ireland is generally excluded from these particular figures (ONS). Tax rules also differ across UK nations in some areas, though inheritance tax applies UK-wide. It is worth checking the geographic coverage of a given statistic.

About Fairchild Oldfield

The Fairchild Oldfield team brings together estate planning, tax, independent financial advice and client care, working with families across England and Wales.

Fairchild Oldfield are estate planning specialists and will writers, not a firm of solicitors. This article is general information based on published official statistics and practical experience, not legal, tax or financial advice.

Important: This article is general information only and is not legal, tax or financial advice. Reading it does not create a professional relationship. It is based on the law of England and Wales, and other UK jurisdictions may differ; the statistics cited cover Great Britain unless stated otherwise. Figures and rules are current as at July 2026 and are subject to change, and official statistics are subject to revision. Before acting, many people choose to seek advice from a suitably qualified professional, such as a solicitor, a STEP practitioner, an accountant, or an FCA-authorised financial adviser, who can consider your individual circumstances.