A survey by pension app creators mypensionID has revealed that over 40% of Brits have three or more pension pots (including their state pension), with over a third of people surveyed (36.5%) admitting to losing track of the pensions they had taken out.
The OnePoll survey of 2,000 people also revealed that:
- Almost one in five men (19%) said they had five or more pension pots, compared to less than one in 10 women (9.5%)
- One in five Londoners (22.5%) said they had five or more pensions
- Under 24s were the age group most likely (48%) to have lost track of their pensions
- 35-44-year-olds were the age group most likely (18%) to have five or more pensions
- 65% would be likely to use an app which helped keep track of their pensions
- People in London and the North East were the most likely to not know how many pension pots they had accumulated during their working life
Lisa Lyon, founder of mypensionID, commented: "The survey findings confirm our previous research in terms of people losing track of pensions - the very reason we created mypensionID.
It’s fascinating to see the scale of the problem today."
"It's fascinating, however, to see the scale of the problem today - the average Briton has at least six jobs in their lifetime which, since the introduction of auto-enrolment, means that they will accumulate a pension benefit at every new employer, meaning a lot of administration for that individual as they move through their career keeping track of them all. Ultimately many people lose track of previous schemes and funds they have paid into."
"mypensionID is the quick and easy solution to this problem and brings together all of an individual's pension pots into one secure place meaning that the pension holder can ensure that their pension provider always has their correct details."