One in six people who have saved for retirement say they have never reviewed their pensions, according to the People’s Partnership.
According to the research, which was carried out on behalf of People’s Partnership, around 24 per cent of respondents examine their pension savings less than once a year while 20 per cent do so yearly and 11 per cent do so every six months.
These results are consistent with recent government statistics showing that just about 4 out of 10 working persons are making adequate retirement savings. The YouGov survey also reveals that only a quarter of participants are confident in their retirement planning efforts, compared to nearly half, 45 per cent, who lack confidence in these efforts.
The survey reveals a gender gap, with 32 per cent of men and 18 per cent of women expressing confidence in their readiness for retirement; those living in the East of England and Wales have lower levels of confidence in their retirement plans than those in other UK regions, while those in London have the highest levels; and when it comes to reviewing pensions, nine per cent of men and one per cent of women surveyed review their pensions once a week or more.
The People’s Pension is pushing four measures to promote increased engagement with pensions. It advises people to open an online account with their pension provider, check and update their personal information, carefully read their annual statement to determine the projected savings based on their current contributions, and name a beneficiary to receive their pension in the event of an early death.
People’s Partnership group director of customer services Kevin Martin says: “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, checking your annual statement and ensuring your details are updated so your provider can stay in touch.
“The findings also show that men have more confidence in their retirement arrangements than women, which is further proof of the gender pension gap which won’t be closed without government intervention.”
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