Over half have never reviewed their pension scheme

Women appeared to be less attentive than men when keeping track on their pension, with 43% admitting to never having checked, compared to a third of men (33%). Even more concerning was that 49% of respondents aged 55 and over claim to have never checked their pension pot.     

The research also revealed that nearly one in ten (9%) of people in the UK don’t know or cannot recall how many pensions they currently have, highlighting the importance of making sure that pension plans are constantly reviewed.

Richard Boyd, pension expert at Duncan Lawrie Private Bank, said:

“The general lack of interest in people’s own pension is astounding.  It stinks of people not caring, burying their heads in the sand, or worse still, already giving up hope of not having enough money for their retirement. This does not have to be the case, reviewing your pensions regularly can make a significant difference to your final retirement age and income.

“Pension management is a lot like going to the dentist, nobody wants to go more often than they have to, but it’s important that you get a regular check-up.

“Over a third of people (35%) who have contributed to two or more pensions to their name, by consolidating these pots, they will not only find their pension easier to review, but with more control and good advice, people may be able to ensure a greater return for their retirement.

“No matter how small, people need to make sure that they keep track of all the little pockets of money that will prove themselves valuable for their pension in the long-term.”
People can track down their lost pensions at: www.gov.uk/find-lost-pension

One concern is that people may be putting off reviewing their pension pot because they believe that they will not be able to retire until much later in their lives. While most  working adults (69%) would ideally like to retire at 60 or younger, over a quarter of  working respondents (27%) believe that realistically, they will not be able to retire until 70 or over.  This may lead to people not reviewing their pension strategy until much later in life.

Richard Boyd, continued:

“If people do not expect to retire until their seventies, then it becomes all too easy to not make retirement planning a priority. In fact, the better mind set would be to start planning for retirement early, continue a strong commitment to it and maybe then people could aspire to retiring at an appropriate age, or maybe even early.”