One in seven people have never checked their pension, according to research from Standard Life, which is part of Phoenix Group.
The research looks at how often UK savers check the balance of their financial products or log into their accounts.
There’s evidence of even less pension engagement among women with the gender gap rising to 17 per cent among females who are more likely to never check their pension than men (10 per cent).
Some 17 per cent of over-55s also admit they’ve never checked their pension either, compared to 12 per cent of 35 to 54-year-olds, and 10 per cent of 18 to 34-year-olds.
Gail Izat, managing director for workplace pensions at Standard Life, said: “Paying your pension some attention is an important part of financial planning.
“While you don’t necessarily need to check your pension as regularly as you’d check your bank account, you should aim to review how much is in your pot, and what this could mean for your financial future, at least once a year.
“This will give you a better idea of how to plan, whether that’s deciding if you should increase your pension contributions or change the type of investments in your plan.
“It may also help you decide how long you’ll need to continue working and the type of retirement you’ll be able to afford.”
The research found people were more likely to check other financial products on a regular basis.
Around 40 per cent review their cash savings at least weekly, and 36 per cent look at their stocks and shares Isa every seven days, while one in 10 look at their pension each week.
People are most likely to check their pension annually, with 23 per cent doing this.
“With one in seven never checking their pensions, many are missing out on the chance to maximise their pension savings but may also even be at risk of losing track of their pension pots altogether,” Izat said.
“It’s very straightforward to check what your balance is, and your pension provider or employer should be able to help you do this if you’re unsure of how to.”
Taking action
Elsewhere, for those who did review their pension in the last year, 27 per cent checked their forecasted retirement balance.
Fewer people topped up contributions (10 per cent), consolidated their pensions (9 per cent), made a one-off payment (6 per cent) and adjusted their risk level (6 per cent).
Izat encouraged savers to check their annual statements and, if they hadn't received one, to ask for one.
“You can check what you contribute to any personal, workplace or self-employed pensions through your pension statement,” she explained.
“You can also make any additional payments into your pension at any time you like. To top up your private or workplace pension, you can usually make both regular contributions and one-off lump sum payments.”
She said it was worth knowing if an individual’s savings are on track to help them afford your ideal lifestyle after they stop working.
“Many providers offer pension calculators that can help you decide if your current pension payments will be enough to fund your retirement lifestyle. It can also help you see if you need to start saving more,” she added.
“Taking a look at your pension is a great first step in planning for your long-term financial future and it can be easier to do than you think.”
sonia.rach@ft.com
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