Almost half of savers have avoided asking a pension question because they thought it was too basic
Almost half (49%) of UK savers said they’ve avoided asking a question about their pension because they worried it was too basic or embarrassing, according to new research published at the start of Talk Money Week (2–6 November).
The reluctance to ask questions appears to be linked to a wider sense of uncertainty around pensions. While many savers worry about looking uninformed, pensions remain one of the most complex financial products people encounter, raising concerns that embarrassment could be preventing individuals from getting the information they need to make better retirement decisions.
The survey also revealed that only one in ten (13%) UK savers say they are very confident they understand how their pension works, while 35% are fairly confident. However, more than half (52%) admit they are either not very confident (34%) or not at all confident (18%), highlighting a significant pension confidence gap at a time when individuals are increasingly responsible for managing their own retirement savings.
When asked which aspect of their pension they were least sure about, the most common response was how much they will have when they retire (22%), followed by how much they need to save for retirement (19%). Other areas of uncertainty included how to track down pensions from old jobs (14%), when and how they can access their pension savings (12%), and how their pension is invested (9%). Just 10% of savers said they were confident about all of these aspects of their pension.
More than four in 10 (42%) savers say they have lost track of a pension from a previous job at some point, with 25% still yet to find it while a further 12% don’t know if they have or not. Just under half (46%) say they’ve not lost track of a pension.
The survey follows analysis of the typical questions PensionBee’s account managers, known as BeeKeepers, receives from customers as they navigate their retirement savings, with tracking down old pensions from previous jobs among the most common queries..
Frequently asked questions include when they can access their pension and whether they can take money out early. Over the past 12 months, BeeKeepers have handled an average of more than 23,000 customer enquiries every month, through live online chat, phone and email.
Some questions reveal deeper misunderstandings. Savers ask how much interest their pension will pay, potentially assuming it works like a savings account rather than being invested, while others are not sure of the difference between Defined Contribution (DC) and Defined Benefit (DB) pensions.
Among the questions savers are asking PensionBee’s Beekeepers most often include:
- How do I track down all my pension savings?
- How can I access my pension and get the money now?
- Can I withdraw my pension early?
- If I pay in £100 a month, how much will I have at retirement?
- Can I transfer a Defined Benefit (DB) pension?
Becky O’Connor, Head of Pensions at PensionBee, said: “Pensions still make otherwise confident people go quiet. Nobody wants to admit they don't know what their pension is worth, or that they've lost track of an old workplace pot from a job they left a decade ago, but there's no such thing as a silly pension question when it comes to your retirement savings and it’s far better to overcome the shame and ask it rather than be left in the dark.
“Our research shows there is still a significant pension confidence gap. Nearly half of savers have held back from asking a pension question because they were worried it might sound basic, while only 13% feel very confident they understand how their pension works. The reality is that many people are asking exactly the same questions, whether that's how much they'll have at retirement, how much they need to save, or how to track down old pension pots. Asking those questions can be the first step towards taking control of your financial future.”
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