Nearly one in six (16 per cent)1 of retirement savers admit that they have never reviewed their pensions, new research from People’s Partnership2 has revealed.
The survey, commissioned by the provider of The People’s Pension, also shows that nearly a quarter (24 per cent) of those questioned review their pension savings less than once every year, while a fifth (20%) check once a year and one in ten (11 per cent) said they check once every six months. The findings follow the publication of Government statistics3 which show that nearly 4 in 10 of working adults are not saving enough for their retirement.
The YouGov poll also shows that nearly half (45 per cent) of those who took part are not confident that they have put enough thought into their retirement plans, while only a quarter (25 per cent) said they were.
The poll also shows that:
- Men are nearly twice as likely (32 per cent) than women (18 per cent) to have confidence in their preparation for retirement.
- People living in the East of England and Wales are some of the least confident regions in the UK about their retirement plans.
- People living in the London were the most confident about their retirement plans.
- Nine per cent of men surveyed said they reviewed their pensions once a week or more, compared to one per cent of women.
The findings have been published to coincide with Pension Awareness Week4 and People’s Partnership, which provides The People’s Pension to six million UK savers, is promoting four simple steps for people to become more engaged with their pensions:
- Sign up for an online account with your pension provider.
- Make sure your personal and contact details are up to date.
- Read your annual statement, checking the projected savings your current level of contributions will give you.
- Name the person you want to benefit from your pension in the event of your early death.
Kevin Martin, Group Director of Customer Services at People’s Partnership, provider of The People’s Pension, said: “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.”
Note to editor:
- People’s Partnership provides The People’s Pension, the largest, independent master trust in the UK, serving more than six million pension savers across the UK and manages more than £21bn in assets. As a business without shareholders, it reinvests its profits with the aim to help customers and achieve better financial outcomes for everyone.
- All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,139 adults, of whom 1,597 were not yet retired and 1,056 had pension savings. Fieldwork was undertaken between 17th – 18th May 2023. The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+).
- Research published by the Department for Work and Pensions in March 2023 showed that 38 per cent of working adults are not saving enough for their retirement – Analysis of future pension incomes – GOV.UK (www.gov.uk)
- Pension Awareness Week runs from 11th to 15th September 2023.