More consumers in control of their pensions

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Multiple pension pots are now the norm, with 73% of people having more than one, according to a recent survey1. As a result, losing track of pension pots has been a common occurrence. Positively though, it is happening less, with the number of people who have lost track of their pension standing at 17% today against 21% in 2016. However, this still leaves around 6.4 million people who seem to have misplaced retirement savings! Commonly cited reasons include lost paperwork, failing to inform a pension provider about a change of address, or the takeover/rebranding of the pension company. Less than half of people (48%) know they can use the DWP’s Pension Tracing Service, while 42% are aware they can contact a previous employer.

1Aegon, 2021

The value of investments and income from them may go down. You may not get back the original amount invested. A pension is a long-term investment. The fund value may fluctuate and can go down. Your eventual income may depend on the size of the fund at retirement, future interest rates and tax legislation.