New research from Standard Life has found state pensioners need to exercise more vigilance financially.
Millions of state pensioners warned after failing to complete yearly task
One in seven individuals across the country have never examined their retirement savings, according to jaw-dropping new research. New research from Standard Life has found state pensioners need to exercise more vigilance financially.
The report found retirement funds remain largely ignored by a significant portion of the population. Gail Izat, the managing director for Workplace Pensions at Standard Life, part of Phoenix Group, emphasised the importance of regular monitoring.
She issued a warning this week to Department for Work and Pensions (DWP) state pensioners and explained: “Your pension pot might not need daily attention like your bank account, but checking it at least once a year is a smart move.”
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The retirement expert added: “With one in seven people never reviewing their pensions, many risk missing opportunities to boost their savings – or even risk losing track of their pots altogether.
“As retirement gets closer, staying on top of your pension becomes even more critical, yet it’s worrying to see how many over 55s have never looked at their balance. The process is very simple, and if you’re unsure how to start, your pension provider or employer can guide you through it.”
Izat, Managing Director for Workplace Pensions at Standard Life, part of Phoenix Group said: “Your pension pot might not need daily attention like your bank account, but checking it at least once a year is a smart move.
“With one in seven people never reviewing their pensions, many risk missing opportunities to boost their savings or even risk losing track of their pots altogether.”
The study by Standard Life found that 17 per cent of people in this age group have never checked their retirement funds.
Experts warn that without regular reviews older savers could miss vital opportunities to boost their pensions in the years leading up to retirement.
Despite recommendations to review pensions at least once a year only 56 per cent of adults do so – meaning 44 per cent don’t.