Nearly 1 in 4 Lose Track of Pensions

According to a recent Age UK Survey, 23% of UK adults have lost track of at least 1 pension, creating confusion and uncertainty over retirement saving plans. The average person aged over 65 has worked for about six different employers, according to Age UK. Younger generations, those aged 25-34, have already worked for at least six employers.

Not consolidating different pensions means a pensioner could miss out on the best income for their savings at retirement.

‘With the number of jobs we have over a lifetime increasing, it’s likely that people will accumulate several small pension pots. In many cases, these bring a less fruitful income in later life than one large pension pot,’ said Lucy Harmer, head of services at Age UK.

‘It’s really important we all set aside time to keep on top of our personal admin, such as organising paperwork and keeping details of any financial products safe and secure.’

The Pension Tracing Service can help track lost pensions and can be contacted on 0845 600 2537.

[Matthew Clark, 17 April 2013]

 

Found this useful?

Please feel free to share it with your contacts and friends through social media.

Share on facebook
Share on twitter
Share on linkedin
Share on print
Share on email
Share on whatsapp