* Autumn Budget sparks sharp decline in pension confidence, deepening public distrust and uncertainty.

A new snap poll from Penfold, the digital workplace pension provider, reveals a sharp and immediate fallout from the Chancellor's Autumn Budget, with 71.9% of UK savers saying the government is not doing enough to support people saving for retirement.

The survey also exposes a rise in anxiety among UK savers, with majority of respondents now feeling less confident about their financial future. This has been driven by doubt over retirement rules. Respondents highlighted rising retirement ages, shifting regulations and fears that the State Pension may not exist in its current form by the time they retire. The Autumn Budget's 2029 cap on National Insurance (NI) relief for salary sacrifice and the creation of a new State Pension Commission have also added to this uncertainty.

Key stats:

1. 71.9% believe the government is NOT doing enough to support people saving for retirement.

2. 58.5% of respondents felt less confident about their financial future after the Budget.

3. More than one in three people (36.3%) now don't know whether to increase or reduce their pension contributions.

Chris Eastwood, CEO and Co-Founder of Penfold, said: "What this data really shows is how the Budget has disrupted people's ability to plan. When more than a third of savers can't decide whether to increase or reduce their pension contributions, it's a clear signal that confidence has been shaken. Pension saving relies on stability and long-term decision making, and right now many people feel unable to move forward."

Eastwood noted that recent policy signals only add to the public's widespread loss of trust: "The Government's decision to cap salary sacrifice NI relief from 2029 is a backward step for boosting pension saving. While the cap will mainly affect higher earners, salary sacrifice has been one of the most effective tools to encourage people to save beyond the auto-enrolment minimums and limiting it risks slowing progress at a time when the UK is already facing a serious retirement savings gap.

"The more significant change is the government's decision to revisit the State Pension through a new Commission and age review. That tells us the current system is under pressure and will need to evolve to stay sustainable. For today's savers, it reinforces a simple truth: relying on the State Pension alone won't deliver the retirement most people hope for."

Despite the hesitation, Eastwood stresses there is room for reassurance: "People can be reassured that core pension rules remain unchanged for now, and consistent contributions still go the furthest in shaping a comfortable retirement. But long-term policy clarity is essential. Sudden changes make it harder for people to plan and harder for the public to trust the system."

Eastwood concluded: "The Budget changes risk undermining decades of retirement saving. If contributions drop or planning is delayed, millions of savers could face a retirement far less secure than they expect. This Budget highlights why private pension planning has never been more important, and why uncertainty must be addressed immediately."

-ENDS-

Notes to editors

The snap poll was conducted by Penfold via an email sent to its customer base, receiving 340 responses.

About Penfold

Penfold is a digital workplace pension provider on a mission to help everyone save enough for a comfortable later life. Designed to make pension saving effortless, Penfold's platform combines cutting-edge technology with award-winning customer service to give savers greater control, clarity, and confidence over their retirement planning. Thousands of businesses of all sizes trust Penfold to simplify employee auto-enrolment pension management, while individuals benefit from an easy-to-use app and transparent investing.

Founded in 2018, Penfold is challenging the status quo of the pensions industry with a modern, user-friendly alternative to traditional providers. Penfold was named in The Telegraph's UK's Best Pension Provider 2025 list, holds a 5-star Defaqto rating, has an 'Excellent' rating (4.7 stars) on Trustpilot for its outstanding customer experience, and is listed in the Deloitte Technology Fast 50 2025.

Media Contacts

Avinash Nandra / Benjamin Hart

Spreckley Tel: +44 (0)207 388 9988

Email: PenfoldPensions@spreckley.co.uk