More than ten million pots are being left largely unmonitored

Individuals are living longer, meaning that savings have to fund a longer period of retirement. However, there has been a well-documented decline in pensions saving over time. Many people do not think about retirement as they consider it’s too far in the future, and almost two thirds (63%) of over-45s who are not yet retired admit they pay little or no attention to their pensions, leading to more than ten million pots being left largely unmonitored.

The findings form part of research from Aviva which also highlights that two fifths (41%) of over-45s never spend any time planning and reviewing their pensions, while almost a third (29%) spend just one day a year or less doing this.

Failing to dedicate any time
Those who are further away from retirement are most likely to spend no time reviewing their pension, but a quarter (25%) of those retiring in two years or less still fail to dedicate any time towards doing this.

Figures show that those with more than one pension, just 27% manage them all very closely while 34% ignore their secondary pots completely – including a worrying 24% who ignore their main pension pot too. Even among those who have just one pension pot, 33% do not pay any attention to it.

Too late to make any improvements
Half (49%) of over-45s do nothing about the routine information they receive about their pension, including one in ten (12%) who don’t even read it. Only a third (37%) use the information to check if their pension savings are on track and act upon it. An even smaller proportion (7%) discuss this with a professional financial adviser.

If you have a pension or a number of pensions and wish to seek independent financial advice on them to help you plan your pensions out correctly, but to also make sure you get the correct benefits out of them at the end. We at Hutt Professional have financial advisers with many years of experience in giving independent financial advice on pensions who are also highly qualified that would be more than happy to offer you the pension advice you need. If you are located in Leamington Spa or surrounding areas please do not hesitate to contact us.