Research undertaken for Standard Life has revealed that under-45s could get a shock if they don't keep an eye on their pension pots, with almost three quarters (74%) of those with a pension not realising the value of their investments.
Furthermore, 79% don't know what income their pensions will generate when they retire whilst 34% already have more than one pension pot, meaning it could be difficult to keep track of their various investments.
By not keeping track of their pensions and failing to realise how much they're worth a large proportion of workers run the risk of not reaching their savings goal, and if they completely lose touch with a pension they could even lose the money they've invested over the years. This could make it difficult to generate a stable income during retirement. That's why those under 45 are being urged to keep an eye on things.
Workers with multiple pension pots might like to consolidate them, whilst annual statements should be carefully reviewed to check how the investments are performing. And, for those not sure where their pension pots are, the Government's free Pension Tracing Service could help track them down.
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