More than a quarter (26 per cent) of people facing retirement in the country do not know how much money they have got in their pension pots, new research from Retirement Advantage shows.
Those that can estimate on average believe that they have a pension pot worth just over £110,000. However, a fifth (22 per cent) state that they have saved less that £50,000 into their pension. A little over one tenth (12 per cent) are estimating their pension pot value between £50,000 and £100,000.
The research also revealed men were more likely to know the value of their pensions, as over a fifth (22 per cent) of men said they were not sure how much they had in savings compared to over a third (31 per cent) of women.
“We would recommend that if you don’t know the size of your pension pot, you should speak to your pension provider and get a statement. Forewarned is forearmed. Taking control and knowing what you have can help you plan to make your savings work harder for you in retirement.
“The new pension freedoms place a huge amount of responsibility on people to manage their own financial affairs, who will make choices which will impact their standard of living in retirement. This is not something that people can be complacent about, so if you have any doubt, seek proper independent financial advice before making any decisions,” Andrew Tully, at Retirement Advantage said.
