As the ‘job for life’ is a thing of the past, we were curious to learn how much people are aware of their pension savings and how they keep track of them as they move from job to job.
Our survey of more than 2,000 employed adults across the UK, carried out by YouGov, revealed that:
- 1 in 5 people have lost track of a pension
- nearly half (47%) of people don’t know how much their retirement savings are worth
- 3 out of 5 adults don’t know where all the details of their pension savings are
- 2 in 5 don’t know they pay charges on any of their pensions.
This research highlights how the pension industry could do more to help people understand how much all their retirement savings are worth. Educating people that they can move their pensions between pension providers is one way they can keep track of all of their retirement savings. A total of 46% of people said they would be encouraged to do this if it meant it was easier to manage their pension savings in one place, but 2 out of 5 people are unaware they can do this.