New research has revealed that almost half of savers don’t know who the provider of their pension is.
According to OneFamily, millions of savers are forgetting or failing to keep track of their built up funds, with 47% unaware of who their provider is and just under a third (32%) of workers stating they don’t know what they have saved. An additional 37% revealed that whilst they had an idea about their savings, this was vague.
In the UK, there is currently over £400 million worth of unclaimed pensions savings according to recent government figures.
Commenting on the data was Simon Markey. The CEO of OneFamily highlighted the need for pensioners to keep track of savings in order to benefit both themselves as well as their families, stating: “The start of New Year is a great opportunity for savers to get their existing investments in order, plus think about the future and what they might need. Tracking down and keeping on top of existing savings is the first step, but also thinking about what you might need in your later years, and how you plan to fund them, is equally important.
“For those nearing retirement who may find they don’t have as much put away as they hoped, there are a number of alternative ways to fund it. Lifetime mortgages are becoming an increasingly popular option as people take advantage of the value hidden in their homes, and over the last year, the number of people using these has increased by nearly 60% as homeowners take advantage of the house price increases we have seen over the last few years.”
