Only two in five (40%) UK adults know where all their private and workplace pensions are held, new research from Aegon has found.
According to the retirement specialist, more than a third (36%) of UK adults don’t know where all their pensions are held, with 20% only knowing where some are and 16% admitting to not knowing where any of their pensions are held.
A further 24% say they do not have a pension.
In addition to a lack of knowledge around where pensions are held, Aegon said its research also uncovered a lack of understanding. Nearly three-quarters (72%) of pension savers say they open their annual pension statement and 69% read it, but just 55% say it helps them understand whether they are saving enough for retirement.
Additionally, almost a third (30%) of pension savers never check where their pension is invested.
Nick Roy, commercial director of workplace at Aegon, said: “You can’t plan effectively for retirement if you’ve lost track of your pension savings. For many people, the challenge isn’t a lack of interest in planning for the future, it’s keeping on top of pension pots accumulated across different jobs and different stages of their working life.
“As people move between employers and build up multiple pension pots, it’s easy to lose track of what you’ve already saved. Before people can decide whether they’re saving enough for retirement, they first need to understand what retirement savings they have and where they are held.”
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