Pensions lowest on life admin priority list for Brits

A third (32%) of Brits have put pension admin at the bottom of their to-do list, and are more likely to prioritise managing hair and beauty appointments and planning holidays, Standard Life has found.

The research has been conducted as part of pension engagement season, and has also found that pension paperwork falls behind in priority to managing and planning personal appointments (24%) and planning their social life (10%).

Managing director for workplace pensions at Standard Life, Gail Izat, said: “Sorting out your pension is one of those things that can easily fall to the bottom of the to-do list, however like any life admin task there’s a feeling of satisfaction when it’s done, and in reality taking a few basic steps to pay your pension some attention doesn’t need to be a major task.

“We know that people who actively engage with their retirement saving throughout their financial lives give themselves a huge head-start even simply by knowing how much they have saved and what they are likely to be able to afford in retirement.”

Standard Life found that more than a quarter (27%) of savers only check their pension once a year or even less frequently, while 14% admitted they have never looked at theirs.

Among those who don’t check their account at least once at year, just over a fifth (22%) said this is because they don’t know what they should be doing. Standard Life also found that this rises to a third (34%) of 35-54 year olds, compared to 26% of 18-34 year olds and 11% of over-55s.

Meanwhile, 16% of those who check the pension less than once a year said it is because they don’t know where to access the information, while 15% said they don’t know how to check it.

In addition, 13% said they don’t believe they have enough savings to engage with their pension and 12% don’t review theirs because it is overwhelming.

Izat added: “If you’re armed with this basic information you’ll then have a chance to make a plan to address any under-saving before it’s too late, or manage your future spending expectations.

"You’ll also be able to check if your investments are working for you, look at whether you could benefit from bringing all your pensions into one place and make sure your beneficiaries are up to date so it’s easier for your loved ones to access your pension if you pass away. Setting up digital access so you can quickly interact with your pension on the go can make checking your pension even easier.

“Employers and pension providers can help people stay on top of their long-term savings by introducing engaging and targeted communications at each stage of life and, crucially, showing how pension saving forms part of people’s wider financial wellbeing - one piece of the bigger financial jigsaw.”

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