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Over 1 / 4 of youthful individuals (28%) aged under-35 have three or extra pensions, in line with analysis by Hargreaves Lansdown which warns that some might lose observe of their retirement objectives.
A survey of 1,000 individuals carried out for HL by Opinium in April discovered that 35% of the below 35s have already got three or extra pensions and will have a number of extra by the point they retire.
In distinction, solely 23% of individuals aged between 55-64 have three or extra pensions and 44% of individuals general have only one pension.
HL says that having a number of pensions could make it tougher to maintain observe of retirement plans and a few individuals danger shedding observe of a number of pensions.
It believes the federal government’s forthcoming Pensions Dashboards might assist preserve observe of plans however pension consolidation can also be an choice for some though it provides that folks ought to get monetary recommendation earlier than selecting this selection to keep away from doubtlessly shedding priceless advantages.
Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown, mentioned that shedding observe of pensions dangers “derailing” retirement planning.
She mentioned: “A mix of job hopping and shifting residence means there’s a excessive probability individuals might lose sight of a pension plan.
“The typical particular person is anticipated to have 11 totally different jobs of their profession and with auto-enrolment in play you would get a pension in each one in every of them. Our analysis reveals over a 3rd of below 35s have already got three or extra pensions. By the point they’ve retired they are going to possible have amassed a number of extra.”
She mentioned that the DWP has already mentioned that the problem of a number of pensions might lead to as much as 50m misplaced pensions by 2050.
HL has beneficial shoppers use the federal government’s Pension Tracing Service to see if they’ve any misplaced pensions Discover pension contact particulars – GOV.UK (www.gov.uk)
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