An 'alarming proportion' of UK pension pots are being left unmonitored, new figures suggest.
Research from Aviva found two thirds of over-45s who are not yet retired said they pay little or no attention to their pensions, leading to more than 10million pots being left largely unchecked.
Two fifths (41%) of over-45s never spend any time planning and reviewing their pensions, while almost a third (29%) spend just one day a year or less doing it.
Those who are further away from retirement are most likely to spend no time reviewing their pension, but a quarter (25%) of those retiring in two years or less still fail to dedicate any time towards doing this.
Clive Bolton, managing director, retirement solutions, Aviva UK Life, said: "An alarming proportion of the UK's pension pots are being left unmonitored with many people simple ignoring their pension statements and hoping for the best."
"At the heart of this is how involved people are with their pensions, and while it can seem complicated, there is lots of online support to help people make sense of their retirement savings."
The research also found that the majority (61%) of over-45s with a personal pension scheme have only joined one scheme, although more than a quarter (28%) have started two or more.
Savers are also unclear about the type of pensions they have and just 14% have consolidated their pension pots or intend to do so in the future.
"At the very least people need to understand what their total savings are across all of their pension pots, so they can plan in an informed way for their retirement," said Bolton.
"Having multiple pension pots can make things more complicated, but it doesn't necessarily have to if people keep careful track of their savings.
"Our research has shown that many people find managing their pensions difficult, and consolidating could therefore make it easier for them."
First published 30.07.2015
Lindsay.sharman@wilmingtonplc.com