New research has revealed Britain’s three main pension personalities… and your type could make a £95,000 difference over a working lifetime.

New Standard Life research has identified three distinct pension personalities among UK non-retired Defined Contribution (DC) pension savers – who they term “Wingers”, “Planners” and “Late Bloomers” – revealing very different approaches to preparing for retirement.

Importantly, they say that taking a more active approach to retirement saving could make a £95,000 difference over a working lifetime.

So how do they split the personalities… and which one most sounds like you?

Respondents were classified into pension personality groups according to their answers to a range of questions on pension engagement, attitudes and behaviours. 10% of respondents were not classified into any group.

“Wingers” are more likely to leave their pension alone, put off thinking about retirement or feel unsure where to start.

“Planners”, meanwhile, take a more active approach, such as regularly reviewing their pension or looking for ways to improve their savings.

And that leaves us with “Late Bloomers”… who may have paid less attention to retirement in the past but are now beginning to take it more seriously.

Meet the Wingers

The most common pension personality is the Winger, accounting for more than a third (36%) of pension savers surveyed.

Wingers are particularly common among younger savers, with 45% of 18–34-year-olds falling into this category, compared with 35% of those aged 35–54 and 26% of over-55s.

Women are also more likely than men to be Wingers (40% versus 33%).

Their hands-off approach, they say, is reflected in how closely they monitor their retirement savings. Almost one in five (18%) never review their pension, only 10% know exactly how much they have saved, and just over a fifth (22%) know exactly how much they personally contribute.

Unsurprisingly, this lower engagement is accompanied by lower confidence, with only 26% feeling on track for the retirement they want.

Now for the Planners…

Over a quarter (29%) pension savers are Planners, taking a more active role in managing their retirement savings through regular reviews, checking progress and seeking opportunities to improve their outcomes.

Men are more likely to be Planners than women (35% versus 23%), while the proportion changes little by age, ranging from 28% to 31% across generations. Planners are also particularly common among those with private or SIPP pensions, where 45% fall into this category.

Their higher engagement is evident in their understanding of their finances. Almost six in 10 (59%) regularly review their pension, more than a third (37%) know exactly how much they have saved and almost half (49%) know exactly how much they personally contribute.

This stronger grasp of their retirement savings is reflected in confidence levels, with two thirds (67%) saying they feel on track for the retirement they want.

And finally, meet the Late Bloomers

A quarter (25%) of pension savers are Late Bloomers – people who may have paid less attention to retirement saving in the past but are now becoming more engaged, often after a change in circumstances or a growing awareness of the need to plan ahead.

They are most common among Gen X, with 30% of 46–61-year-olds falling into this category, compared with 23% of Millennials and 20% of Gen Z.

Women are also slightly more likely than men to be Late Bloomers (27% versus 22%).

Their engagement levels tend to sit between those of Wingers and Planners. Two in five (40%) regularly review their pension, while 19% know exactly how much they have saved and 35% know exactly how much they personally contribute.

This is reflected in their outlook for retirement: just under two in five (37%) believe they are on track for the retirement they want, putting them ahead of Wingers but still some way behind Planners.

What could these behaviours mean for retirement savings?

Standard Life analysis shows how these different approaches could add up over a working lifetime. Someone taking a Winger-style approach, sticking to minimum auto-enrolment contributions of 5% from the employee and 3% from their employer throughout their career, could build a retirement pot of around £252,000 by age 68, in today’s prices.

Taking a more Planner-style approach and increasing contributions earlier could make a significant difference over time. Someone starting work at 22 on £30,000 and increasing their employee contribution from 5% to 6% could build around £283,000 by age 68. Increasing this further to 8% could result in around £347,000, adjusted for inflation – £95,000 more than sticking with minimum contributions throughout.

For Late Bloomers, starting to pay closer attention later in life can still make a difference. Someone making minimum contributions from 22, then increasing their contributions by 2% at the age of 50, could build a pot of £274,000 by the age of 68 allowing for inflation.

“Of course,” say Standard Life, “few people fit neatly into a single pension personality, and many of us will recognise aspects of several of them at different stages of our lives.

“But understanding the habits and behaviours that influence how we engage with retirement saving can be a helpful reminder to take stock and check whether we’re doing enough for our future selves.”

So how can your RetireEasy LifePlan make sure you’re still in time to enjoy a comfortable retirement?

By their very nature, RetireEasy LifePlan subscribers tend to fall into the “Planner” profile… even if they have only recently started to take a keen interest in their pensions (in which case they also have a bit of the “Late Bloomer” about them as well!)

And, critically, the LifePlan can be a hugely useful tool to ensure you are on track to enjoy the retirement you have been hoping for… and for just a few pounds a month.

By regularly dipping into the LifePlan to review the future incomes that your savings, pensions and assets will generate during every year of your retirement, you can check whether or not you need to take corrective action… for instance by increasing contributions, delaying your planned retirement date or moving around your investments.

Equally, if you look like having a comfortable buffer, you might be able to take that long haul holiday you’ve always dreamed of!