Just two in five workers know how roughly much they have saved so far for retirement, research shows.
Some 54 per cent said they were unaware of the current size of their pots and a further 8 per cent couldn't answer, while 38 per cent said they did know.
However, only four fifths of the workers who gave a positive answer could give a figure to the nearest £25,000 and the rest could not, according to the study by the Pensions and Lifetime Savings Association.
Pension plan: Some 54% of workers are unaware of the current size of their pots, and 8% couldn't answer
An online pensions dashboard aimed at showing people their savings at a glance is under development, which should make it easier to investigate your existing pots, although there is no definite launch date.
Until then, savers have to check with current and old pension schemes individually for information, and add the figures to their state pension forecast to get an idea of what they will have to live on in old age.
See below for what to ask your scheme, and what to do if you are worried you won't have enough for a comfortable retirement.
To help give savers an indication of how much they will need to meet everyday bills in old age, the PLSA published a 'retirement living standards' guide last year.
In broad terms, it estimates a single person will need about £10,000 a year for a basic standard of living, £20,000 a year for a moderate lifestyle, and £30,000 a year for a comfortable old age. For couples, the figures are £15,000, £30,000 and £45,000 respectively.
The table below gives more details of what you will be able to afford at each income level for food, drink, transport and travel.
Until the pensions dashboard is launched, it's a matter of contacting your current and all your old pension schemes to ask what you've got saved so far.
Find out how to investigate your existing pensions here. Broadly speaking, you need to ask schemes the following:
- The current fund value
- The current transfer value - because there might be a penalty to move
- Whether the pension is in a final salary or defined contribution scheme
- If there are any guarantees - for instance, a guaranteed annuity rate - and if you would lose them if you moved the fund
- The pension projection at retirement age.
You should add the forecast figures to what you anticipate getting in state pension, which is currently around £8,800 a year if you have a full National Insurance record.
Get a state pension forecast here.
If you are tempted to merge your old pensions, check out some tips on how to decide here.
And if you have lost track of old pensions, the Government's free tracing service is here.
Take care if you do an online search for the Pension Tracing Service as many companies using similar names will pop up in the results.
These will also offer to look for your pension, but try to charge or flog you other services, and could be fraudulent.
If you are worried about your pension and whether you will have enough, read a 10-step guide to sorting it out here.
The PLSA said 41 per cent of the nearly 1,000 workers it surveyed felt that they should be saving more, while 29 per cent thought they were saving enough, and 30 per cent didn't know.
Women expect to have £168,006 on average when they retire, compared with the £255,328 pots men anticipate retiring on, research last year revealed.
Low pay, childcare costs and high rent and house prices hamper many women's ability to save for old age, a separate report showed.
Financial adviser LEBC has produced a guide offering practical tips to women on how to increase retirement savings and help close the pensions gap.
Some 56 per cent said they were concerned about whether they were saving enough.
Women were less likely to know how much they had saved so far at 60 per cent, while among men 49 per cent said they weren't aware.
Some 54 per cent of workers aged 18-34 admitted they didn't know, 57 per cent of those aged 35 to 54, and 48 per cent of those aged 55 plus.
Nigel Peaple, director of policy and research at the PLSA, said: 'It's clear that savers are still unsure about exactly what their pensions are worth and what this will translate to in terms of real income in their retirement years.
'Through the publication of our retirement living standards last year – as well as the introduction of the pensions dashboard when it's launched – we believe that savers will have a clear understanding of their financial health and be in a better position to picture their futures.OP SIPPS FOR DIY PENSION INVESTORS