Aviva UK urges savers to monitor pension pots

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Aviva UK urges savers to monitor pension pots

Aviva UK Life’s managing director for retirement solutions has warned of an “alarming proportion” of pension pots going unmonitored by savers.

Clive Bolton said that people needed to understand, at the very least, what their total savings were across different savings pots, but that individuals were often not checking.

He said: “An alarming proportion of the UK’s pensions pots are being left unmonitored, with many simply ignoring their pension statements and hoping for the best.

“At the heart of this is how involved people are with their pensions – and while they can seem complicated there is lots of online support to help people make sense of their retirement savings.”

Research among around 1,500 people who were older than 45 but not yet retired revealed that 63 per cent of respondents paid little or no attention to their pension pots, while 41 per cent never spent any time reviewing their pensions and 12 per cent did not read their pension statements.

Adviser view

Carl Melvin, director of Renfrewshire-based Affluent Financial Planning, said: “We should be encouraging people to monitor their pensions and to pay as much attention to their financial health as they should be paying to their physical health.”