21% lose track of multiple pensions
25th January 2017
While 62% of people have multiple pension pots, 21% have misplaced one or all of their retirement savings, according to Aegon.
Research also found that 67% of people would be interested in consolidating all their various pension pots into a single scheme if it financially benefitted them.
However, 43% said they would need further information on the benefits before moving all their savings.
Of the individuals with multiple pots, 39% do not know the total value of their pension savings.
As a result, more than 6.6 million people may have lost some of their retirement savings.
Kate Smith, head of pensions at Aegon, said:
“Today people have diverse careers often involving multiple jobs with different companies. The introduction of auto-enrolment has also led to more than 7 million people saving into a pension and a big increase in total number of pension savers.
“Looking to the future, the launch of a pension dashboard in 2019 should simplify the process of finding lost pensions, and has the additional bonus of seeing all your pensions, including the State pension, in one place.”
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