A third of savers are concerned about the loss of pension funds

One in three savers worry about having accumulated funds that they lost or forgot after changing jobs.

According to a study by provider iSipp, almost 40% of savers have set up several pension funds due to a change of employer, and more than a quarter of the 2,000 adults surveyed find it difficult to keep track of their retirement savings.

The research found that 5.5 million savers have three or more pension pots, while over 980,000 think they have five or more.

iSipp chief executive Hrishi Kulkarni said it can be difficult to keep track of pensions when changing jobs.

This is a widespread problem as only 40% of respondents said they always transfer or consolidate funds when starting a new job.

Kulkarni said: “Pension consolidation gives clients greater control and provides comprehensive monitoring of pension fund performance, allowing savers to make more informed decisions while only having to deal with a single pension provider. pension upon retirement.

The company also pointed out that having multiple funds can mean that savers pay more fees than necessary and spend unnecessary time on administration when it comes to retirement.

“In cases where people have lost or forgotten their savings, it can mean losing the value of retirement savings,” he warned.

According to the research, people in the east of England are most likely to have multiple pension funds, while Londoners are most likely to worry about pensions they may have forgotten about.

REGION

How many have several pensions

How many worry about having pensions they’ve forgotten?

Scotland

34%

36%

North Ireland

24%

20%

Northeast

41%

33%

North West

40%

21%

Yorkshire and the Humber

38%

34%

East Midlands

43%

34%

West Midlands

39%

41%

Wales

41%

20%

east of england

44%

34%

London

41%

49%

South East

40%

30%

South West

43%

23%

UK

40%

33%

It also revealed that many people are unaware of the type of pension fund they have, with a fifth (19%) of respondents admitting they are unsure whether they have defined contribution, defined benefit, Sipp or a personal pension.

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