A pension education: why the UK don’t know how much they have in their pension

April 27, 2023
Parminder K Latimer


View profile

New research by Standard Life has revealed the UK’s understanding of their pension pots. The results show how many of the British public are aware of their pension savings and what it will equate to when they hit retirement. It also breaks down the research by gender and age.

The research shows that 79% of 45-64 year olds are ignorant of how much they have saved in their pension. Surprisingly, the age group most aware of their pensions savings were 18-24 year olds, despite being the furthest group from retirement.

The age group nearing retirement, at the prime age to be planning and organising their finances, are the least aware of their pensions pot.

The pensions team at gunnercooke is not regulated to give financial advice, but is well versed at knowing that saving for a pension is a “no brainer” because the government contributes tax relief (free money into an employee’s pension pot) and an employer is legal obligated (in most cases) to contribute a minimum of 3% of an employee’s salary (again free money into an employee’s pension pot).

If an employee, we can help you to review any legal issues you encounter with regards to your current or past pension scheme arrangements, do you know where your past pensions are?  Can you trace them? Do you wish to consolidate them? Do you know how to do so? Do you wish to make a compliant about your pension arrangement? We can help. 

For employers, whilst more of your workforce are enrolled into your workplace pension scheme, we are seeing more mistakes being made by employers, which could be avoided, but giving rise to complaints and potential naming and shaming by the Pensions Regulator – if you have any issues regarding auto-enrolment, re-enrolment, questions as to eligibility, missing contributions, or legacy schemes, do contact us, we can help guide you with the legalities, and avoid costly risks and we are good at producing easy to understand communications for your employees.

You can read more about Parminder’s practice here.

To receive all the latest insights from gunnercooke to your inbox, sign up below