Savers fail to review pensions

More than a quarter (28%) of savers have never reviewed their pension, according to research by Aviva.

A further 19% said they only review their retirement savings once every 5 years.

Receiving an annual statement (35%), a pay increase (28%) and starting a new job (17%) were the most popular triggers for a pension review.

Other findings:

  • 27% of people think that their current contributions into a company pension scheme will provide them enough income for retirement
  • 32% of women never review their savings, compared to 25% of men.

Clive Bolton, managing director of Retirement Solutions at Aviva UK Life, said:

“The lack of engagement with pensions is frightening. Ask most people what they earn now and they’ll have a pretty good idea, sometimes down to the penny, but most people have no idea what their pension is worth.

A pension is your salary when you’re no longer working. Surely it deserves more than a glance at a statement once a year.”

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