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Savers urged to keep track of pensions

Savers urged to keep track of pensions

Category: Pensions

Updated: 30/06/2017
First Published: 05/12/2013

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The days of staying in one job for life are long gone, and that means people will often have several pension pots to their name. In fact, a survey conducted by Now Pensions has revealed that 25% of workers aged 55+ have four or more pension pots, but a worrying third of those surveyed didn't actually know where they all were.

It's concerning for those approaching retirement, but even more worrying for those further away who stand to lose out during their lifetime. The value of pensions can easily add up over time and can have a direct impact on retirement income, so savers are being urged to keep track of their pots to ensure they can be put towards a comfortable retirement.

Unfortunately the lost pensions issue is something that could become even more pressing as staff become increasingly mobile, with one in ten of those surveyed having more than ten jobs in their lifetime. And, with the launch of automatic enrolment, workers could be signed up for a scheme with every new job they have.

That's why the Government is planning on implementing ways to make it easier for workers to take their pensions with them when they change jobs, allowing them to be merged with their new scheme so the money can still accumulate.

Meanwhile, for those that have already lost track of their pensions, there are things that can be done. The Pensions Advisory Service can help people trace lost pensions while the Department of Work and Pensions runs its own pension tracing service, and if you're approaching retirement age make sure to compare annuity providers to ensure your reclaimed pension pot can be put to good use.

What Next?

Looking for a lost pension? Use our guide to 'How to find lost pensions'

Compare annuity rates with our online comparison service

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