UK staff unsure of value of pension

Over three-quarters (76%) of respondents said they have no idea of the value of the workplace pension pots they have built up in their careers, according to research by Prudential.

The research, which surveyed more than 2,000 UK employees, also found that one in six (16%) have lost track of their pension schemes after changing employers.

The research also found:

  • 24% of respondents said they are confident that they know the value of their combined pension funds.
  • 81% of respondents said they had failed to actively transfer their previous company pension schemes across to their new employer.
  • 15% of respondents said they relied on their new employers to make the switch.

Stan Russell, retirement expert at Prudential, said: “Saving into a pension today is an important step in the right direction for workers to help ensure a comfortable retirement.

“It is essential for people to understand what type and level of savings they have built up in the past. They must make sure that their previous employers have their most up-to-date personal details and are sending them annual pension statements, so they can keep themselves properly informed.”