A bloke who had totally forgotten about a pension pot he had stashed away for his golden years was gobsmacked to discover a whopping £70,000 waiting for him. This eye-opener comes as fresh research reveals that a staggering 60% of people who have tucked away cash into a pension pot haven’t even bothered to check.
Experts at the Money and Pensions Service (MaPS) unearthed that among adults contributing to a pension scheme, 3 out of 5 have never given it a glance, with less than a third checking their pension over the past year. MaPS is on a mission to get people to do more than just check their pensions; they’re pushing for conversations about cash with your nearest and dearest – all part of Talk Money Week.
56-year-old Richard from Southampton was one of those who hadn’t ever peeked at his pension, but when he finally did, he found nearly £70,000 nestling there. Over the moon, he shared: “I didn’t check my pension, so it was a huge surprise to find out how much money I had saved. I can now start planning for my retirement in a very different way.”
He’s now banging the drum, telling everyone: “I would encourage anybody who hasn’t checked, to find out how much is in their pension, and talk to your friends and family about it – I’ll be telling everyone I know to make sure they check their pension from now on.”
And after checking your pension MoneyHelper offers a Pension Calculator to see what those figures mean for when you clock off for good.
Paul Rhodes, Regional Manager at the Money and Pensions Service, advised: “You can’t start being engaged with your pension too early, so whatever your age, make sure that you check your pension, and talk to people about it. Once you know how much you have and how much your current contributions are, you can begin taking additional actions. These might include potentially paying more if you can, or simply using the MoneyHelper Pension Calculator to find out what your pension savings means for your future.”
He also stressed the importance of staying informed: “No matter how you do it; whether you read your annual statement, contact your pension provider by phone, or log onto your online pension platform, make sure to check your pension, and encourage others to do the same.”