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The Difference Between The Best And Worst Pension Incomes Can Be Very Surprising

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Pension holders lose track of retirement pots

Despite the fact that many workers will be looking to their pension plan to provide a nest egg for their retirement, recent research has revealed that 16% of employees lose track of their pension pots after they have changed jobs.

Research from Prudential highlighted that one in six workers have lost pension details from a former employer, while a staggering 76% of people are unaware of how much they have amassed in their company pensions.

Just 24% of employees surveyed felt confident that they knew the value of the combined pots they had accrued over a working lifetime.

The vast majority (81%) of survey participants argued that they hadn’t transferred company pensions from previous employers to their current company, while 15% of employees admitted that they expected employers to handle the transfer of their pension for them.

Commenting on the findings, Stan Russell, retirement expert at Prudential, said: “Saving into a pension today is an important step in the right direction for workers to help ensure a comfortable retirement.

“It is essential for people to understand what type and level of savings they have built up in the past. They must make sure that their previous employers have their most up-to-date personal details and are sending them annual pension statements, so they can keep themselves properly informed.”

Further figures also revealed a gender gap between pension pots, with men saving an average of £154,094 over their working life and women saving £50,512.

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