Survey finds many Brits are not monitoring their pension pots

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29th July 2015 15:59 - Financial Services

A recent survey, conducted on behalf of Aviva, has found that approximately 2 in 3 people over 45, who have not retired yet, pay little or no Survey finds many Brits are not monitoring their pension potsattention to their pension funds.

Findings from the research – which questioned more than 1,500 people - could indicate that more than 10 million pension funds across the United Kingdom are being left unmanaged, say Aviva.

Around 63 per cent of the over-45s revealed that they pay little or no attention to their pension pot, with the younger demographic – who have a longer period of time until they retire – being the group least likely to dedicate any time to reviewing their pension. Although, 25 per cent of those who plan to retire in the next two years do not spend any time looking into their pension.

Aviva’s Managing Director of Retirement Solutions, Clive Bolton, said of the findings:

“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.”

Of the respondents, 49 per cent said that they don’t action the information they’re sent, with regards to their pension, and 12 per cent said that they don’t even read over it.

Many people cited not knowing how to manage their pension as the main reason why they do not bother to monitor theirs. Another reason is that some pensions are so small that they do not think that it is worth dedicating time towards.

Some of the respondents said that they were not planning on looking at their pension until they feel ready to retire.

Of the respondents with more than one pension, 27 per cent said that they monitor them very closely, whilst 34 per cent said that they ignore their secondary pension pots.

Only 14 per cent of the respondents said that they had merged their pension pots, or were expecting to do so in the future.

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