Over half (54 per cent) of workers don’t know the current size of their pension pot, new research by the Pensions and Lifetime Savings Association (PLSA) has revealed.

This trend was more likely for women, with 60 per cent saying that they did not know the size of their pension pot, compared to 49 per cent of men.

Meanwhile age had a limited effect on savers knowledge, with 54 per cent of workers aged 18-33, and 57 per cent of those aged 35-54, unsure how much they had saved.

This dipped slightly amongst those aged over 55, with less than half (48 per cent) unsure on their current pension pot.

However, the research also revealed that one in five of those who were aware of their pension savings would only know the size of their pot within the nearest £25,000.

Despite this uncertainty amongst savers, just under a third (29 per cent) of respondents said they did not feel they needed to be saving more money, with a further 41 per cent believing that they should contribute more.

The majority (56 per cent) of respondents however, remained concerned over how much retirement income they had saved, showing no change from the findings published by PLSA in September 2019.

PLSA director policy and research, Nigel Peaple, commented: “It’s clear that savers are still unsure about exactly what their pensions are worth and what this will translate to in terms of real income in their retirement years.

“Through the publication of our Retirement Living Standards last year – as well as the introduction of the pensions dashboard when it’s launched – we believe that savers will have a clear understanding of their financial health and be in a better position to picture their futures.”

The research echoes findings from the Dunstan Thomas study, published earlier this month, which revealed that over a fifth (22 per cent) of generation X had no pension, with a further 10 per cent unsure what savings they have.

Share Story: