THE MONEY and Pensions Service (MaPS) has found that just over two thirds of adults in Wales who have contributed to a pension have never engaged with it, from its survey of over 12,000 UK adults conducted in Summer 2024.
Despite being the two highest ‘actions’ people said they had taken to manage their pension, only just over a quarter of adults in Wales aged 18 – 65 have checked their pension in the last year, either by reading their annual statement or logging onto an online platform.
Additional results found that only just under 1 in 5 people in Wales have discussed their pensions with friends, family, or colleagues in the last 12 months.
In releasing this data, MaPS is hoping to not only encourage people to check their pensions, but also to talk about money with friends and family. This is in line with Talk Money Week; MaPS’s annual campaign, encouraging people to have more open conversations around money.
MaPS research shows that those who do talk about money make better financial decisions and feel less stressed or anxious and more in control.
Richard, aged 56 had never checked his pension. Upon doing so, discovered that he had saved nearly £70,000 in his pension pot.
He says: “I didn’t check my pension, so it was a huge surprise to find out how much money I had saved. I can now start planning for my retirement in a very different way.
“I would encourage anybody who hasn’t checked, to find out how much is in their pension, and talk to your friends and family about it – I’ll be telling everyone I know to make sure they check their pension from now on.”
Richard’s story isn’t surprising, noting that MaPS research shows that just over half of people in Wales find pensions confusing, and just over 2 in 5 say they don’t know where to start when it comes to retirement planning.
Once you have checked your pension you can then use the Pension Calculator on MoneyHelper to really find out what your pension pot means for your retirement.
Lee Phillips, Wales Manager at the Money and Pensions Service says: “You can’t start being engaged with your pension too early, so whatever your age, make sure that you check your pension, and talk to people about it.
“Once you know how much you have and how much your current contributions are, you can begin taking additional actions. These might include potentially paying more if you can, or simply using the MoneyHelper Pension Calculator to find out what your pension savings means for your future.
“No matter how you do it; whether you read your annual statement, contact your pension provider by phone, or log onto your online pension platform, make sure to check your pension, and encourage others to do the same.”
To find out what your pension savings mean for your future, use MoneyHelper’s Pension Calculator.