One in seven people in the UK have said they have never checked their pension, according to new research by Standard Life.

The research, which is part of pensions engagement season, highlighted how often UK savers check the balance of their financial products or log into their accounts.

The survey of 2,000 UK adults also found that almost a fifth (17%) of over-55s have never looked at their pension.

This compares to 12% of 35 to 54-year-olds and 10% of 18 to 34-year-olds.

In comparison, people are more likely to check other financial products, with 40% of UK adults stating that they review their cash savings at least once a week, with 36% and 11% checking their stocks and shares ISA and pension in the same period respectively.

Standard Life found that of those who did review their pension in the past year, over a quarter (27%) checked their forecasted retirement balance. Fewer people topped up their contributions (10%), consolidated their pensions (9%), made a one-off payment (6%) and adjusted their risk level (6%).

Managing director for workplace pensions at Standard Life, Gail Izat, said: “Paying your pension some attention is an important part of financial planning. While you don’t necessarily need to check your pension as regularly as you’d check your bank account, you should aim to review how much is in your pot, and what this could mean for your financial future, at least once a year.

“This will give you a better idea of how to plan, whether that’s deciding if you should increase your pension contributions or change the type of investments in your plan. It may also help you decide how long you’ll need to continue working and the type of retirement you’ll be able to afford.

“With one in seven never checking their pensions, many are missing out on the chance to maximise their pension savings but may also even be at risk of losing track of their pension pots altogether. It’s very straightforward to check what your balance is, and your pension provider or employer should be able to help you do this if you’re unsure of how to.”

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