Man discovers 'surprise' £70,000 in savings as Scots urged to check pension

A man has discovered he has £70,000 saved in his pension pot as people are urged to check their savings.

Richard had never checked his pension before and was “surprised” to find he had saved nearly £70,000 when he finally did.

The 56-year-old, whose name has been changed to protect his identity, said he can start planning retirement in a “very different” way.

“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,” he said.

It comes as Money and Pensions Service (MaPS) research shows that just under six in ten adults in Scotland have never engaged with their pension.

The study, which surveyed over 12,000 adults across the UK, also found that over half the people in Scotland find pensions confusing and four in ten say they don’t know where to start when it comes to retirement planning.

Additional results found that only just under one in five people in Scotland have discussed their pensions with friends, family, or colleagues in the last year.

By releasing the results of its study, MaPS hopes to encourage people to check their pensions and talk with family and friends about money.

MaPS said research shows that people who talk about money make better financial decisions, feel less stressed or anxious, and feel more in control.

Allison Barnes, Scotland manager at the Money and Pensions Service, urged people to check their pensions regardless of age.

“Once you know how much you have and how much your current contributions are, you can begin taking additional actions,” she said.

She added: “These might include potentially paying more if you can or simply using the MoneyHelper Pension Calculator to find out what your pension savings mean 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.”