One in five of those with multiple pensions has lost track of their savings
23 January 2017
More than 6.6million people may have misplaced some of their retirement savings according to research by Aegon.
- 21% of those with multiple pensions have lost track of one or all of their pensions
- 39% don’t know the total value of their pensions
- 67% would be interested in moving all their pensions to one provider if there were financial benefits.
Aegon research of 1,004 adults during October 2016 reveals that 62% of people have multiple pensions but more than one in five (21%) of this group has lost track of one or all of their pensions. As a result more than 6.6million people may have misplaced some of their retirement savings.
The findings highlight the challenge of a broader trend towards a career involving an average of 11 jobs and the difficulty of keeping tabs on workplace savings. With a majority of people holding multiple pensions, as many as two fifths (39%) did not know the value of their pensions.
Aegon recommends that you can get your pension in order with 4 simple steps:
- Use the DWP Pensions tracing service to find your pension by entering your old employer’s name which will generate the current contact address. Simply write to this address, with your current and any previous name, current and previous addresses and your National Insurance number.
- Some pension schemes won’t have been updated for some time. To get the contact details you will need to fill out an online form with your name , email address and any information you believe is relevant such as the dates you were at the company and your national insurance number.
- Get a State pension forecast, either in paper format or online
- And once you’ve tracked down your pensions, get advice before consolidating them to make sure you don’t lose out on any valuable benefits.
Read more from Aegon.