One in seven (14%) UK adults have never looked at their pension, despite reviewing other financial products more frequently, new research from Standard Life has revealed.
The research found those who are closest to retirement are more likely to have not engaged with their pension, with 17% of over-55s admitting they’ve never checked their pension pot compared to 12% of 18-34 year olds and just 8% of 35-54 year olds.
Women were also found to be slightly less engaged with their pension than men, with 14% never checking their pension versus 11% of men.
In contrast, a third (35%) of people review their cash savings at least weekly and 18% look at investment accounts every seven days.
Among those who did review their pension in the last year, one in five (20%) checked their forecasted retirement balance, while 14% topped up their contributions and 11% adjusted their investment risk level.
One in 10 (10%) made a one-off payment and 9% consolidated their pensions.
Gail Izat, managing director for workplace pensions at Standard Life, said: “Your pension pot might not need daily attention like your bank account, but checking it at least once a year is a smart move.
“With one in seven people never reviewing their pensions, many risk missing opportunities to boost their savings – or even risk losing track of their pots altogether. As retirement gets closer, staying on top of your pension becomes even more critical, yet it’s worrying to see how many over 55s have never looked at their balance. The process is very simple, and if you’re unsure how to start, your pension provider or employer can guide you through it.”
Main image: shahadat-rahman-voM1Z9cGPCU-unsplash
