According to a survey conducted by Duncan Lawrie Private Bank, of 2,059 UK adults, 38% of respondents who have at least one private pension pot have never reviewed their plan, while 14% have not done the same in the last three years.
The Duncan Lawrie research also suggested that 9% of people in the UK do not know how many pensions they currently have.
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In spite of this insouciance on the part of savers, the research also highlights that more people are aware of the shortcomings in their pension saving and the likely effects on their retirement plans. In particular, more than one in four respondents said they will not be able to retire until they are over 70 years of age.
Richard Boyd, pension expert at Duncan Lawrie Private Bank, said: "The general lack of interest in people’s own pension is astounding. It stinks of people not caring, burying their heads in the sand, or worse still, already giving up hope of not having enough money for their retirement."
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By GlobalData
