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Eloise Henderson
Press office manager
T: 01293 586676
M: 07741 384460
eloisehenderson@bandce.co.uk

Alternatively:

Smithfield Communications
T: 020 3047 4256
peoplespension@smithfieldgroup.com


Seven out of 10 (72%) UK workers with a private or workplace pension scheme back calls for a single pensions dashboard to help them keep track of their savings, as nearly half (47%) admit they don’t know how much they’ve saved for their retirement.

Research from The People’s Pension1, conducted by YouGov2, also found that:

  • Six out of ten UK workers with a private or workplace pension scheme (60%) don’t know where the details of all their pensions are
  • One in five respondents (22%) have lost track of a pension
  • Nearly a third of respondents (29%) don’t know who their current workplace pension is with3

Ahead of the government’s delayed Feasibility Study4, The People’s Pension is calling for a single, public-good pensions dashboard, free from commercial conflict and backed up by legislation, to ensure all providers supply the necessary information to allow savers to see all their pension pots in one place.

Commenting on the survey findings, Dave Brown, Director of Strategy and Innovation at The People’s Pension, said:

“The current pensions system creates too many hurdles for people who want to find out how much they’ve saved and puts people off from planning for retirement until the last minute.

“The average person builds up 11 pension pots over their lifetime, causing, as these findings highlight, a very real risk that pots will be lost or forgotten, with people left unaware of what they’ve saved.

“The pensions dashboard is vital to help people know how much they’ve saved and where their savings are. It has real potential to revolutionise retirement planning, but only if people can see all their pensions in one place.

“A single dashboard, free from commercial conflict and backed up by legislation, as called for by cross-party MP’s, will save people significant amounts of time, stress and hassle. It will ensure they keep track of all their savings, have all the information needed to make the important decisions about their financial future, and will allow them to watch their savings grow and compound over time, helping them to understand what their retirement might look like.”

Discussing his pension savings, Sean from Yorkshire and Humber said:

“Like a lot of people, I’m a layman. I don’t really understand the terms, I don’t really understand what I’m looking at, I don’t know how to compare performance. It would be nice for someone like me to have an easy-to-follow website where you could look at how things are performing, and how well your pensions are going.”

Responding to the survey, Cecilia from London commented:

“It’d be great to have an app which would collate all my pensions together and would let me look at what I’ve managed to save and what my projected pension might be.”

ENDS

Notes to editor:

The People’s Pension is the second largest master trust (multi-employer pension scheme) in the UK, with almost 4 million members and more than 80,000 employers. We tweet as @peoplespension.

  1. The People’s Pension, a not-for profit organisation, is the UK’s second largest master trust (multi-employer pension provider) with almost 4 million members and £4bn assets under management.
  2. YouGov carried out an online survey with a representative sample of 2,297 UK adults in employment aged 18 to 66, between 16 and 20 February 2018.
  3. Regional figures include:

Do you know the name of your current workplace pension scheme?

 

North East

North West

Yorkshire & The Humber

East Midlands

West Midlands

East of England

London

South East

South West

England (NET)

Yes

61%

56%

60%

62%

61%

67%

61%

57%

63%

61%

No

28%

36%

31%

28%

32%

22%

27%

30%

27%

29%

Not applicable – I do not have a workplace pension with the company I currently work for

11%

8%

9%

10%

7%

12%

12%

13%

10%

11%

 

Have you ever lost track of any of your pension pots?

 

North East

North West

Yorkshire & The Humber

East Midlands

West Midlands

East of England

London

South East

South West

England

(NET)

Yes

22%

21%

17%

24%

27%

18%

23%

20%

26%

22%

No

72%

63%

72%

63%

64%

67%

64%

67%

64%

66%

Don’t know/can’t recall

7%

15%

11%

13%

9%

14%

13%

13%

10%

12%


Thinking generally about keeping track of all your pensions, which one of the following statements describes you best?

 

North East

North West

Yorkshire & The Humber

East Midlands

West Midlands

East of England

London

South East

South West

England (NET)

I know where all the details are for my pension pot(s)

41%

35%

43%

39%

34%

38%

39%

46%

42%

40%

I know where most of the details are for my pension pot(s)

23%

23%

25%

25%

24%

20%

21%

22%

24%

23%

I know where some of the details are for my pension pot(s)

20%

20%

21%

24%

29%

26%

25%

20%

22%

23%

I don’t know where any of the details are for my pension pot(s)

17%

21%

11%

12%

12%

16%

14%

11%

12%

14%

 

How interested, if at all, would you be in being able to access a website where you can see all the different pension pots that belong to you (i.e. company, private and state pension) in one place?

 

North East

North West

Yorkshire & The Humber

East Midlands

West Midlands

East of England

London

South East

South West

England (NET)

Very interested

42%

36%

38%

36%

44%

38%

45%

41%

36%

40%

Fairly interested

32%

36%

32%

34%

30%

37%

29%

31%

36%

33%

Not very interested

11%

13%

10%

10%

7%

11%

13%

13%

12%

11%

Not at all interested

12%

9%

12%

10%

13%

10%

9%

8%

9%

10%

Don’t know

4%

7%

9%

10%

6%

6%

4%

6%

8%

7%

Net: Interested

74%

72%

69%

70%

74%

74%

74%

72%

72%

72%

Net: Not Interested

22%

22%

22%

20%

20%

20%

22%

21%

20%

21%

 

  1. http://citywire.co.uk/new-model-adviser/news/pensions-dashboard-behind-schedule-as-report-deadline-missed/a1107177

For more information please contact Eloise Henderson, Press and Social Media Manager at The People’s Pension on eloisehenderson@bandce.co.uk or 01293 586 676.