One in 10 employers has never reviewed workplace pension value

More than one in 10 UK employers has never reviewed its workplace pension scheme to assess whether it provides value for money, according to research from employee benefits consultancy Everywhen.

The study of 500 UK HR decision-makers found 11 per cent said their organisation had never reviewed its workplace pension scheme, while a further five per cent did not know when it was last assessed.

However, almost half, 48 per cent, had conducted a review within the past 12 months and another 36 per cent had done so within the past three years.

The findings raise questions about how employers assess the effectiveness of one of their most significant financial wellbeing benefits, particularly as workplace pensions increasingly sit within broader strategies covering employees’ long-term financial security.

Sorangi Shah, client director at Everywhen, said: “It is unsettling to know that there are so many pension schemes that have never been reviewed to ensure they offer good value. A pension scheme appraisal should take place at least every three years and it is vital that this covers many aspects of review, including costs.”

Everywhen said assessing value should extend beyond charges to consider factors including investment performance, member engagement, employee experience, digital tools and integration with payroll and benefits platforms.

The research found employers already consider a range of factors when initially selecting pension provision.

Brand reputation and costs and charges were the most commonly cited influences, each selected by 31 per cent of respondents.

Ease of set-up and ongoing management followed at 27 per cent, while 23 per cent considered investment options and the same proportion cited payroll or HR integration.

Employee experience, including user-friendly apps and communications, influenced 22 per cent, while 21 per cent considered retirement support and options.

Only 14 per cent identified associated support and communication as a main influence, while 16 per cent considered the availability of wider workplace savings products.

The findings come ahead of the planned introduction of the Value for Money framework for defined contribution workplace pensions.

The framework is a joint initiative involving the Financial Conduct Authority, The Pensions Regulator and the Department for Work and Pensions and is intended to create a more consistent approach to assessing whether schemes deliver good retirement outcomes.

Providing a pension does not in itself establish whether employees understand or engage with it, whether the scheme meets workforce needs or whether it is helping employees achieve stronger long-term financial outcomes.

Shah said: “It is very positive to see that employers are not just basing their pension decisions on costs alone. The research results are consistent with our experiences at Everywhen – which show that a pension provider’s brand reputation is equally important. It is understandable that provider repute is in sharp focus when money is being saved over several decades. There are, however, some less well-known providers around too and financial advisers will be able to assist with making the right choice for the individual company and its employees.”

She concluded: “A company pension scheme needs to work for the company, the HR professional and the employee. Including a good range of factors and influences in choosing and reviewing a scheme is likely to support good member outcomes, which, after all, should be the focus.”

The research was conducted by Opinium on behalf of Everywhen in January 2026 among 500 HR decision-makers across the UK.