A quarter (25%) of pension savers have said they have never checked their pension, Moneyhub has found.

Research by the data and payments platform found that a further 23% of savers said they only check their pension once a year.

Moneyhub said its research reflects the historical lack of engagement that savers have had with their pensions, with many only being alerted about their pension value once a year in the provider’s annual statement.

Furthermore, the firm found that the inertia around pensions is more prominent in over-55s, with 40% saying they never check the value of their pensions and a further 20% only checking the value once a year.

In comparison, younger generations are becoming more engaged with their pension and are checking more regularly. Moneyhub said this is likely due to being able to check through the pension provider’s app. Forty-eight per cent (48%) of 16 to 24-year-olds and 47% of 25 to 34-year-olds said they check their workplace pension at least once a month.

Managing director for personal finance technology at Moneyhub, Mark Horwood-James, said: “There is evidently a clear need, and a want, from consumers to gain a better understanding of their pensions and more regularly check in with their expected retirement income. Only by staying engaged can you course-correct early enough to make a difference in your later years.

“However, it's not simply enough to engage more with your pensions, we must look at our finances holistically. Open finance powered solutions enable customers to better understand all their finances, create lasting savings habits, help switch to better products and find some of their lost pensions. In turn this ensures they have the capacity to save more into their pensions, and make better decisions when it comes to later life savings. Pensions dashboards when combined with holistic money management tools are a true game changer for the industry and its customers.”

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