Standard Life research1 reveals that 24% of people aged 55 and over have never checked their pension pots but, suggesting a positive trend towards proactive financial planning, over half of adults have checked in the last year.
British expats have been spotted trying to locate old UK pension documents.
A lack of awareness and understanding are key reasons cited for this significant percentage of policy holders. While online portals and statements are common methods for checking pensions, many people believe checking is unnecessary or too complex.
Those who have not checked their pensions in the last two years attribute this to:
- Thinking it wasn’t necessary (23%).
- Simply not having thought about it (17%).
- Not knowing how to check (12%).
Why is it important to regularly check your pension?
Because it is crucial for proactive financial planning. It allows you to understand your current savings situation, assess whether your contributions are adequate, and make informed decisions about your investment strategy.
Regular reviews allow you to make adjustments, whether that means increasing contributions or changing the types of investments within your plan, to better align with your retirement goals.
The Pension Check can help you take control of your pension pots, and create future wealth for you and your loved ones.
Get in touch with a UK qualified advisor.
- https://www.standardlife.co.uk/about/press-releases/one-in-four-over-55s-have-never-checked-their-pension ↩︎