Blog » Is your pension clock ticking?

Is your pension clock ticking?

March 12, 2019
The details provided in this article are for general information only and are in no way deemed to be financial advice. All of the material is correct as of the publication date, but could be out-of-date by the time you read the article.

Hands up if you’ve ever left something to the last minute? Our research1 previously revealed that many Brits put off many life admin tasks every single day, often meaning they are worse off financially. One in five men and women put off paying a bill, and a third receive a financial penalty for doing so. 41% don’t bother to shop around for cheaper gas and electricity providers meaning they are vulnerable to price hikes and being tied in to poor deals. And 27% put off budgeting their money all together1.

Now what about if you put off thinking about your pension for another day, or another year? Possibly until it is too late for you to be able to make the difference you need for a comfortable future…

It’s quite scary to think that 81%2 of people have not given much thought about how much they should be paying into a pension. And 53% of those who do have a pension have not reviewed what its worth in the last 12 months. That feels like a ticking time bomb which could reveal a nasty surprise when you come to retire.

The eleventh hour…

We understand that life gets stupidly busy, and it’s the pressing things in the here and now that demand our attention. Nonetheless, it’s worrying that 45% of over 55’s have given little to no thought about their retirement plans, and that only improves by 10% when people reach State Pension age3.

Leaving your retirement planning to the eleventh hour could mean you have less time to save for your future, and you could miss out on many years of additional contributions, tax-relief and compound interest. All of which could add some serious growth to the value of your pension pot.

Time flies

Yet, why don’t we put the future at the forefront of our minds a lot earlier? Our recent research4 revealed that the top five reasons why people don’t take their pension seriously when they are young enough to do something about it are:

  1. It’s too far away to prioritise (46%)
  2. Lack of education about pensions at school (41%)
  3. Too confusing (32%)
  4. Don’t know who to ask (22%)
  5. It’s too scary to think about (15%)

The time is now

Imagine how you’d feel if someone told you that you could have had thousands more in your pension, if only you’d addressed it earlier? Not great, right?

Man checking his pension paperwork | Check your pension

There could still be time to maximise your pension savings, providing you take action now. Poor performance and high charges could be eating away at your pension pot. Thankfully, it’s easier than you might think to find out how well your fund is performing and what a pension that is properly tailored to you could mean.

Tick tock, pension clock…

If your pension clock is ticking, Pension Access can check your pension for you. With our no obligation check you can find out exactly how your current pension is doing and if there is a better scheme out there for you and why.

Most importantly, you can take back control.

We will not charge you a fee upfront to check your pension, which means once we have completed our review you have the option to walk away fully informed. As part of our review we will let you know how much it will cost you should you ask us to act on your behalf. Generally, there is the option for the fee to be taken from your pension, so there would be no extra money for you to find.

1Survey of 2,000 UK adults by Pension Access in March 2018.
2Financial Conduct Authority Data Bulletin, March 2018.
3Financial Conduct Authority Data Bulletin, March 2018. State Pension Age, 65. 35% of 65+ year olds have given little to no thought about planning for retirement.
4Survey of 2,003 employed UK adults by Pension Access in February 2019.

Related posts

Thinking about your pension options?

We are authorised and regulated by the Financial Conduct authority. This means we can help you to make the best possible decisions when it comes to your pension.

0800 009 3388
Mon-Fri 9am-5pm


Pension Access is a trading name of Harbour Rock Capital Limited which is registered in England & Wales as a Limited Company, No. 10290349. Authorised and regulated by the Financial Conduct Authority, No. 754580. Registered Offices: Affinity House, Beaufort Court, Sir Thomas Longley Road, Rochester, Kent, ME2 4FD. Telephone: 0800 009 3388. Email:
© 2024 Pension Access. All right reserved.
What's in your info pack?
Your FREE information pack contains all the information you need to make an informed decision on wheter or not taking tax free cash from your pension is right for you.
Get your Free Info Pack
Complete the form and we'll send you an information pack in the post
Note: We are unable to advise on the state pension or any pension you are already taking an income from.

    Get your free info pack

    Where should we send your info pack?

    Please complete your details below and we'll send your information pack in the next available post

    Find Your address

    Type in your postcode or start typing your address then select from the drop-down list

    Your address

    We'll post your information pack here

    Keeping in touch

    We'll send you updates by email or text message. One of our specialists may call, just in case you have any questions about your pension. We’re big believers in never bombarding people with calls.

    Safety PadlockYour information is safe with us. Our calls are recorded for regulatory, legal and training requirements. Please see our privacy notice for information on our data practices here


    Hands using calculator to calculate home equity amount