- Nearly a quarter of UK adults are unaware that they can consolidate their pension pots, according to a recent survey. More than 6,000 people were polled, revealing that 12% are only vaguely aware of the option, while 21% have heard about it but not in detail. Only 20% are fully aware of pension consolidation.
- Interestingly, out of those who have consolidated their pension pots, more than three-quarters (77%) said they found it easy. However, for those who have not consolidated, 25% said they didn't know how to, 13% were scared of making a mistake that could harm their retirement income, 8% thought it was too complex, and another 8% believed it was too risky to keep all of their pension pots in one place.
- With more than 10 million people in the UK now saving for their retirement, it's crucial to keep track of small pension pots when moving jobs.
- Consolidation might not be the right choice for everyone, but it can lead to lower charges and increased engagement for many. It's good for people to know that the option is available to them.
To know what your options are, please speak to an Independent Financial Adviser.
#pensions #autoenrolment #pensionplans #consolidation #pensionplanning
