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Around one in six (16%) retirement savers have never reviewed their pensions, according to a survey.
The research, released during Pension Awareness Week, (September 11 to 15), indicates that nearly a quarter (24%) of savers review their pension pots less than once every year.
A fifth (20%) check their pension once a year and one in nine (11%) check once every six months, the YouGov research, commissioned by People’s Partnership, found.
Nearly half (45%) of pension savers surveyed said they are not confident that they have put enough thought into their retirement plans.
Nearly a third (32%) of men surveyed said they do feel confident about their preparations for retirement, compared with 18% of women.
There are simple steps that a person can take to ensure that they are better prepared for retirement, including signing up for an online pension account, naming a beneficiary, reading your annual statement and ensuring your details are updated so your provider can stay in touch
Kevin Martin, People’s Partnership
Nine per cent of men surveyed said they review their pensions once a week or more, compared with just 1% of women.
Kevin Martin, group director of customer services at People’s Partnership, said: “It’s clear from our research that many workers are ill-prepared for retirement, which is a concern given that we know that millions of workers are not saving enough.
“There are simple steps that a person can take to ensure that they are better prepared for retirement, including signing up for an online pension account, naming a beneficiary, reading your annual statement and ensuring your details are updated so your provider can stay in touch.”
More than 2,100 people were surveyed by YouGov for the research.
Here are some tips from the People’s Partnership to help people become more engaged with their pensions:
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1. Sign up for an online account with your pension provider.
2. Make sure your personal and contact details are up-to-date.
3. Read your annual statement, checking the projected savings that your current level of contributions will give you.
4. Name the person you want to benefit from your pension in the event of your early death.
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