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Nobody knows the value of their pension pots

The majority of Britons do not know the collective value of their pension pots, research by Friends Life has found.

By Kevin White | Published Jul 23, 2012 | comments

The poll of 2000 working UK adults found that 68 per cent did not know how much their pension pots were worth, while 32 per cent were not even sure where their relevant pension paperwork was located.

Some 10 per cent who have workplace pensions have no records of corporate pensions held with former employers.

The survey also found that 30 per cent had pension pots with two or more employers, a further 5 per cent were unsure of how many pots they had, and more than 40 per cent believed they were not paying any charges on their pensions.

Friends Life research pointed to a recent consultation by the department for work and pensions, which estimated there were more than 1m small pots in the current system worth up to £200m, with an estimated seven-fold increase in the number of small pension pots expected by 2017 - equating to an extra £74m in pension savings per year potentially being lost.

Colin Williams, managing director of corporate benefits for Friends Life, said: “It is imperative that people are aware of where their money is and what it is doing for them.

“Making sure you are aware of the pensions you have, the amount you and your employer are paying, what charges there are and how much each pension plan is worth is essential for retirement planning.”

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