Most workers are unaware of pension pot size

The trade association's research revealed women were more likely (60%) to be unsure of the size of their pension pot, or pots, compared to 49% of men.

The survey - which questioned 2,000 workers - also revealed more than half (56%) were concerned about how much they had to live on in retirement, while 41% felt they should be saving more.

Workers aged 55 and under were more likely to not know their pension pot size, with 54% of 18 to 34 year olds unaware and 57% of 33 to 54 year olds.

However, the PLSA found nearly half (48%) of workers aged 55 and above were unaware of the size of their pots, despite being eligible to access their pension.

Of those who did not know the size of their pension pots, one in five revealed they only know the size to the nearest £25,000.

Despite this, 29% of respondents said they do not feel they need to be saving more for retirement.

Director of policy and research Nigel Peaple said: "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 PLSA's retirement living standards were unveiled in October to help members engage with their pension and set retirement targets and are aimed at helping people to "picture their future retirement", what it might cost, and to give them more confidence about their retirement savings.

Now Pensions director of marketing and communications Eleanor Levy added: "Like other savings vehicles, we should be keeping regular tabs on our pensions; consolidating pots where necessary and increasing contributions, if possible.

"Thanks to the PLSA's Retirement Living Standards, which put figures on what different styles of retirement look like, it is easier than ever to plan for your future and know what you should be putting away for future you. With the introduction of the pensions dashboard this will make planning even simpler."

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• Topics
• Pensions
• PLSA
• Pensions and Lifetime Savings Association
• Nigel Peaple