One in five (20 per cent) people have never checked the value of their pension pots, new research from the Financial Services Compensation Scheme (FSCS) has revealed.
It found that a further 12 per cent were not certain when they last checked their pension balance.
Additionally, the research revealed that 40 per cent of those saving into a pension had not checked if their pension was protected by the FSCS.
A common reason why people had not checked if their pension is FSCS protected was because they said they did not have time or did not know how.
FSCS chief executive Caroline Rainbird commented: “The face of retirement has changed, and it never looks the same for any two people, but the importance and value of a pension remains the same.
“Those funds, which we build up over a long period of time, enable us to enjoy an important period of our lives – whether they are used to fund travel plans or hobbies, or provide for our families.
“While we don’t need to be checking our pension pots as often as our day-to-day accounts, it is important for people to know how much is in them, so they are aware whether they on track to be able to afford their retirement dreams.
“When they are checking their current pension savings or thinking about making a change to their investments, it is also important to know their money is protected if something went wrong, for reassurance and peace of mind.”