Over one in three (31 per cent) 56-65-year-old Danes said they have not checked their pension scheme this year, research by Sampension found.

The Epinion survey revealed that 17 per cent of this cohort stated they have never received advice about their pension scheme from their bank or pension company.

Sampension said despite retirement being on the horizon, a large proportion of Danes nearing retirement age do not have control over their pension scheme.

However, this lack of awareness was not exclusive to the cohort nearing retirement, as the survey also pointed out that across all age groups, 45 per cent of Danes have not checked their pension scheme this year.

Meanwhile, over a quarter (28 per cent) of Danes have never received advice about their pension scheme from their bank or pension company.

Sampension head of customer advisory, Anne-Louise Lindkvist, "significant consequences" can arise for people who do not check their pension, such as undersaving.

“We know that very few expect to have to significantly reduce their standard of living as a pensioner compared to what they have been used to in working life.”

Lindkvist argued that it was especially important for those Danes who can “glimpse their pension on the horizon” to be aware of their pension scheme and if they are saving enough, due to having fewer years to increase their savings if needed.

“Therefore, it is also worrying that many in this age group are not up to date on their pension and that a large proportion of them have never received counselling," Lindkvist added.

She explained that regardless of age, it was a “good idea to keep an eye on the pension scheme” on an ongoing basis, to get a handle on whether savers are on the right track with their pension savings, but also to ensure that the insurance in the pension scheme still fit the saver’s current needs in the event of an accident.

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