1 in 5 Do Not Access Pension Info

1 in 5 people do not access their pension information according to a press release by Association of British Insurers (ABI).

People currently use a mixture of digital, post and phone to access their pension information. 

A recent poll on people accessing their pensions suggested they would prefer to access all their pensions in one and doing so online.

• 54% of 18-34-year olds liked mobile banking
• 41% of 35-54-year olds liked online banking
• 55 and overs liked their pension providers website

When asked where they would prefer to gain access to all their pensions in one place

• 49% preferred their pension provider
• 20% wanted access via a Government Service

Research by the Pensions Policy Institute (PPI) estimate that 1 in 5 adults admit to losing their pension pot and it is suggested that they are worth at least £19.4 billion. 

As the demand grows for multiple pensions dashboards it will enable people to see all their pensions in one place and without these dashboards the Department of Work and Pensions estimate that 50 million pension pots will be lost or dormant by 2050.