NI man discovers £70K in pension pot he never knew about as figures show 25% of people never check theirs

A Northern Irish man has revealed how he discovered he had saved £70,000 in his pension as figures show only one in four people check theirs.

The 56-year-old had never checked his pension before and when he finally did he discovered that he had saved nearly £70,000 in his pension pot.

Richard 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.

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“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."

It comes as research from The Money and Pensions Service has found that only one in four adults in Northern Ireland who have contributed to a pension have never engaged with it, following a survey of 12,000 people.

Just over a quarter of adults have checked their pension in the last year, either by reading their annual statement or logging onto an online platform, with additional results showing that only just under one in five people in Northern Ireland 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.

Janine Maher, Northern Ireland 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.

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