Fifth of savers don't access pension - ABI

Almost one fifth of savers don’t access information on their pensions, new analysis from the Association of British Insurers (ABI) has shown.

The ABI stated that this had revealed the scale of the pensions 'blind spot', with many savers at risk of not getting the retirement they hoped for.

The survey also showed that platform preference varied between generations, with over half (54 per cent) of 18-34 year olds preferring to use a mobile banking app to access financial information.

Meanwhile, 41 per cent of 35-54 year olds stated that they preferred online banking, with the majority of over 55s preferring to use their pension providers website.

Furthermore, only 20 per cent of people were keen to access information about all their pensions through a government service, with 49 per cent preferring to use their pension provider.

Commenting on the findings, ABI head of long-term savings and assistant director, Rob Yuille, said: “People need support to engage with their pensions to make sure their retirement lives up to their expectations. Pensions dashboards will be critical to achieving this.

“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: “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.”

The research also follows ABI's recent report, Five years on: future-proofing the freedoms, which revealed a 'black hole' on guidance and advice available for members.

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