Pension savers unprepared for retirement

More than half of retirement savers have never checked their pension pots, according to a report by Aegon UK.

The findings are part of Aegon's latest UK Readiness Report which examines attitudes towards retirement saving and looks at the levels of public engagement with workplace pension saving.

The findings suggest that many pension savers are not prepared enough for entering retirement. More than half (55%) of pension savers have never checked on their savings while 41% don't know how much of their salary they're contributing to their pot. Even more (59%) don't know how much their employer contributes.

Of the 4,000 people surveyed:

  • half have never reviewed their retirement plans
  • half don't know how much they have saved into their pension
  • 55% don't check on the performance of their savings.

David Beattie, managing director at Aegon UK Direct, said:

"It is deeply worrying that as a nation we're still failing to prepare for our futures, despite the big changes made to pensions in recent years. We have a new government, and with this, the opportunity to ensure the pension reform of the last parliament is implemented successfully.

"It is time for a shift in emphasis from both government and industry. We must now focus on the savers, and do more to help them save for the retirement they want."

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