Average Pension Pot by Age UK (2026)

A private pension is a product that lets you save up for retirement through a pension provider rather than the government.

There are several types of private pension available including workplace pensions which are offered through your place of employment.

And personal pensions or self-invested personal pensions which you can set up yourself and start making contributions.

We’ve rounded up the best personal pensions and SIPPs to help you find a suitable provider.

Pension savers aged 16-24 hold lowest value pension pots with a median value of £5,500 [1].

That’s because typically around this age your earnings are at their lowest as you’re just getting started in the job market. Which means you have less to contribute to your pension.

There’s also less time to benefit from something called compound growth. Which is when the value of your investment increases over time.

Those aged 65-74 hold the highest value pension pots with a median value of £145,000.

The table below shows the median pension pot by age based on the latest ONS data.

Men hold the largest pension pot worth around £75,700 on the median, compared to women who hold a pot of £42,500, according to the data.

There are several reasons why men tend to have larger pension funds than women.

Gender pay gap
Historically, men have earned more than women, even when working the same roles.

Although the gender pay gap is decreasing slowly, men in full-time employment still earn around 6.7% more than women in full-time employment [2].

This means, generally speaking, women have less money to contribute to a pension, which compounds over time.

Caring responsibilities
Pensions for women also tend to be lower as they are more likely to take on caring responsibilities within the household. For example, looking after older relatives.

This can also result in a shift to part-time or flexible work, which affects their earnings and pension contributions.

Becoming a parent
Women are more likely to take time out of work or transition to part-time work when starting a family. This results in a substantial loss of earnings, which also reduces their pension contributions.

According to the latest ONS data [3], mums’ total earnings loss over five years was:

• £65,618 for a first child
• £26,317 for a second child
• £32,456 for a third child

We break down how this impacts mothers and steps to improve your finances after starting a family in The Hidden Cost of Motherhood Investing Insiders Podcast episode.

The table below shows the median pension pot by gender based on the latest ONS data.

For women, pension pots are almost 4 times lower than those of men during the peak years of starting a family.

The table below shows the median pension pot by gender based on the latest ONS data.

The median pension pot also tends to vary depending on the region a person is based.

That’s because median earnings vary in different parts of Great Britain.

The median pension pot in Great Britain stands at £101,700.

Those living in Wales held the largest pots of £120,200 while those in England held the lowest of £100,000.

The table below shows how pension pots vary between countries.

Pensions in England

People living in the South East of England held the largest pension pots at a median of £137,200 while those in the North West held the lowest pension pots of £86,500.

The table below shows how the median pension pot varies across different regions in England.

The amount you’ll need to pay into your pension depends on how much you’ll need to retire.

As a general rule of thumb, you should aim for an annual pension income that’s at least 50% to 70% of your working income. This is known as a 50-70 rule.

So if you earn £40,000 per year now, your pension income per year should be around £20,000 and £28,000.

The table below shows how the 50-70 rule might apply to different income levels:

A pension calculator could help you get a more accurate estimate of what you might need to cover your expenses when you want to retire.

Pensions can be complex and so getting professional help from a qualified financial advisor could help make sure you’re on track to having enough money in your retirement fund.