Almost one in five (19%) people do not access information about their pensions
Almost one in five (19%) people do not access information about their pensions, research by the Association of British Insurers (ABI) and research consultancy Populus has found.
The industry body warned of a “pensions blindspot” which could leave people not getting the retirement they hoped for in later life.
It also warned without improved access to pension information millions of pounds saved through auto-enrollment could end up dormant as people lose track of multiple pots over decades of work.
The survey of 2,008 consumers found when people do access their pension information the methods varied according to age bracket.
In the 18-34 age bracket, half (54%) preferred using a mobile phone banking app, 41% of 35-54-year olds preferred online banking and 54% of aged 55 and over preferred to use their pension provider’s website.
Then, when asked where they would be most comfortable accessing information about all their pensions in one place, half of the participants (49%) chose the pension provider’s website and only 9% chose over the phone. In the middle was via post (23%) and government service (20%).
ABI assistant director and head of long-term savings Rob Yuille said the introduction of pensions dashboards was essential for consumers.
he said: “People need support to engage with their pensions to make sure their retirement lives up to their expectations. To make it easier for people to engage, both government guidance services and private companies, like pension providers and banks, need to be able to offer pension dashboards.
“Employers, charities and trade unions could also provide these services so that people can access the information wherever is comfortable and convenient for them.”
Canada Life technical director Andrew Tully added: “A lack of engagement in pensions and retirement planning more generally is a big challenge for all stakeholders to address.
“Creating far higher levels of engagement and a sense of personal ownership will be critical to the on-going success of auto-enrolment and support better levels of saving more generally. The launch of dashboards, producing better information and guidance should be seen as the first steps towards seeking proper regulated financial advice.”