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Savers fail to review pensions

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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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