More than half of workers don’t know the current size of their pension pots
Over half of workers (54 per cent) do not know the current size of their pension pot – or pots – a PLSA consumer survey has revealed.
The news comes as the PLSA released its latest consumer research figures that highlighted the concerns of savers about their pension contributions and the knowledge gap for their own pension savings.
In the survey, data showed that women were more likely (60 per cent) to say that they did not know the size of their pension pot than men (49 per cent).
Younger workers aged 18-34 (54 per cent) and 35-54 (57 per cent) were more likely than older workers to say they didn’t know, but amongst workers aged 55+ almost half (48 per cent) said that they didn’t know.
More positively, four-fifths (80 per cent) of respondents said they would know the size of their pot within the nearest GBP25k with only 20 per cent saying they would not know the size of their pot within the same amount.
The survey also found that 41 per cent of savers questioned felt that they should be saving more for their retirement years, just under a third (29 per cent) did not feel they needed to be saving more money and the remaining 30 per cent were either unsure or did not know either way.
However, when asked if they worry about if they are saving enough for retirement, 56 per cent of respondents said they were concerned about how much they had for their post-work lives.
Nigel Peaple, Director Policy & Research, PLSA, says: “It’s clear that savers are still unsure about exactly what their pensions are worth and what this will translate to in terms of real income in their retirement years.
“Through the publication of our Retirement Living Standards last year – as well as the introduction of the Pensions Dashboard when it’s launched – we believe that savers will have a clear understanding of their financial health and be in a better position to picture their futures.”