Over half of people in the UK with a private pension are failing to conduct regular check-ups on their pension pot as either they have never reviewed their plan (38%) or have not done so in the last three years (14%) according to Duncan Lawrie Private Bank.

In an online survey of 2,058 adults, the company found 43 per cent of women have never checked their private pension compared to 33 per cent of men. Forty-nine per cent of people over 55 stated that they have never checked their pension pot.

Duncan Lawrie Private Bank pension expert Richard Boyd stated the importance of the consolidation process of these pension pots so the tracking process is facilitated.

Boyd 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 retirement. This does not have to be the case, reviewing your pensions regularly can make a significant difference to your final retirement age and income.

“Pension management is a lot like going to the dentist, nobody wants to go more often than they have to, but it’s important that you get a regular check-up. Over a third of people (34%) currently have two or more pensions to their name, by consolidating these pots, they will not only find their pension easier to review but with more control and good advice, people may be able to ensure a greater return for their retirement.”

It is believed that people are putting off reviewing pension pots as they believe that they are not going to be able to retire until much later in their lives.

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