Research by independent financial advisers HFS Milbourne Financial Services has found that 65 percent of respondents had no idea how much their pensions were worth.
Of the people who took part in the study into pensions, 32 percent had more than one pension and 18 percent have more than three pension funds. A total of 83 percent of people are unable to name which funds their pensions are invested in.
“There is a surprising lack of interest and understanding when it comes to pensions,” says Rod Milne, joint managing director of HFS Milbourne Financial Services. “Often a pension is someone’s second biggest asset after their property, yet they can be quite unclear about how much money they have accrued or the most effective way to manage their retirement fund.”
The research also revealed that only three in 10 people were aware of SIPPs (self invested personal pensions) and 53 percent would consider consolidating their pensions in the future.