One in seven have never checked their pension

One in seven (14%) adults have never checked their pension, despite reviewing their other financial products more frequently according to new research by Standard Life.

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 theirs, compared to 12% of 18–34-year-olds, and just 8% of 35–54-year-olds. Women are slightly less engaged with their pension than men, as 14% have never checked their pension versus 11% of men.

While it’s not necessary for someone to check their pension every day, it’s worth reviewing it at least once a year – however just over half (56%) do this. Less than one in 10 (9%) look at their workplace pension each week.

In contrast, one in three (35%) 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 checked their forecasted retirement balance (20%). Smaller proportions took more active steps 14% topped up their contributions, 11% adjusted their investment risk level, 10% made a one-off payment, whilst 9% consolidated their pensions.

Gail Izat, Managing Director for Workplace Pensions at Standard Life, part of Phoenix Group 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. It helps you understand how much you’ve saved, what that could mean for your future, and whether you might want to make changes like increasing contributions or reviewing your investments. Regular check-ins can also help shape the type of retirement lifestyle you’ll be able to afford.

“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.”