Over half of people who have contributed to a private pension have either never reviewed their plan (38 per cent) or have not done so in the last three years (14 per cent) according to new research from Duncan Lawrie Private Bank.
Women appeared to be less attentive than men when keeping track on their pension, with 43 per cent admitting to never having checked, compared to a third of men (33 per cent). 49 per cent of respondents aged 55 and over claim to have never checked their pension pot.
The research also revealed that nearly one in ten (9 per cent) 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 per cent) 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
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