Most UK workers do not know the value of their Pension
Published on 6th September 2012 by Anthony Alexandrou
In a study carried out by Prudential, 76% of 2,000 UK employees have said they have no idea of the value of their work pension pots that they have built up during their careers.
The remaining of the employees had lost track of their pension schemes after changing employers or assumed that their new employers were to make the switch for them.
The research also identified:
- 24% of respondents said they could confirm the value of their pension funds.
- 81% of respondents said they failed to transfer their previous company pension schemes across to their new employer,
A pension specialist at Prudential summarised the findings by saying: “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.”