Billions of pounds are being lost due to forgotten pension pots and transfer confusion.
UK employees could be losing touch with billions of pounds in retirement funds after new research discovered that one in four have lost track of at least one pension pot. Following the introduction of Automatic Enrolment in 2012, eligible employees are automatically joined into a pension by their employer in each job they have.
In separate research from October 2022, the Pensions Policy Institute noted that 2.8 million pension pots worth £26.6 billion are considered lost. Cushion believes the UK Government has a role to play in pushing providers to make it easier for members to transfer pensions - this would be best achieved through digitisation.
He added: “The issue of multiple pots is not just about small pots, it’s across the board. The Government’s proposals in its recent consultation on pots of up to £1,000 will go some way to solving the issue with many lost pots housing more than this. By law, most pension plans need to send you annual updates on your plan - this is a great way to keep on file the progress of your pension and any changes to your pension plan. This is also the reason why it is so important to update any pension scheme with your new address, should you move home.
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