Breaking News
£113 billion in pension savings could be at risk during the ‘Great Resignation’
New research from leading online pension provider PensionBee finds that 63% of UK workers are currently thinking about or in the process of changing their job, in what has been dubbed the ‘Great Resignation’.
More than half (51%) of respondents who are getting ready to make these employment changes already have several pensions from previous jobs, and are worried that they will lose track of them during the move. PensionBee analysis projects that as much as £113 billion in pension savings could be lost track of, by 10.4 million consumers, as a consequence of the rise in job switching.
According to PensionBee research, most job switchers (67%) would like to bring all of their old pensions together into one pot but are worried about the complexity involved. Only 14% of respondents have a plan for their current workplace pension that they feel confident about, whilst a third haven’t given it any thought. Additionally, most (66%) don’t know how much they’ve saved in total across their pension pots.
Romi Savova, Chief Executive Officer of PensionBee, comments: “Whilst it’s very encouraging to see workers taking positive action to pursue careers that would make them happier, this could result in a loss of more than £100 billion in pension savings if they don’t carefully consider a plan for their existing workplace savings.
Our research highlights the importance of consumers having access to an easy pension consolidation process in order to avoid losing track of their hard-earned retirement savings when switching jobs. Pension providers must take away the jargon, paperwork, and complexity, and instead simplify pensions using digital technology. With frequent job switching now a common practice, savers should have the ability to combine their old pensions in one pot and be able to monitor these savings regularly.”
People In This Post
Companies In This Post
- MPE 2026: SOK’s Payments Strategy in Finnish Retail Read more
- FTT Lending 2026: What Do You Need From Me to Lend Me £100? Read more
- NOTO: The Urgent Need for Transparency Against Insider Threats Read more
- Kingstone Selects ZestyAI to Power California Market Entry Read more
- Revolut Enters New Era of Money Intelligence With Launch of AI Assistant Read more
Revolut Enters New Era of Money Intelligence With Launch of AI Assistant
Revolut has launched AIR (AI by Revolut), an in-app AI assistant designed to transform how millions of users interact with their money and elevate their money intelligence.
Raiffeisen Bank Reaffirms Long-Standing Commitment to Powering Core Retail Services With Finastra
Finastra announced that Raiffeisen Bank Hungary has reaffirmed its long-standing commitment to using Finastra technology to power its core retail banking in region
FinTech Australia Appoints Xero Head of Global Public Policy Grace Gown to its Board
FinTech Australia has appointed Xero Head of Global Public Policy Grace Gown to its board, further strengthening its policy impact as the sector enters its next phase of growth.
Banking Transformation Summit to Unite Europe’s Banking Leaders in May to Address What’s Next
Banking Transformation Summit, Europe’s essential gathering for senior banking and financial services executives, will return to London this 19-20th May. This senior-level meeting will bring together 1,000 of the most forward-thinking leaders in banking to confront the strategic, technological and organisation challenges reshaping the industry.
Perpetuals Launches Quantum Resilient Security Service to Strengthen Encryption Standards Across Financial Markets
Perpetuals.com Ltd (NASDAQ: PDC), the AI-powered financial services company that is leveling the playing field for traders, today announced the launch of Quantum-Resilience-as-a-Service (QRaaS), a new security offering that helps organizations strengthen their encryption in the face of emerging risks posed by quantum computing.
O Bee Credit Union Selects Tyfone’s nFinia® Digital Banking Platform
Digital banking solutions provider Tyfone, today announced that O Bee Credit Union (O Bee) has selected the nFinia® Digital Banking Platform for both retail and business members. The credit union cited the platform’s member-centric design, comprehensive business banking capabilities, advanced money movement features and self-service tools as primary drivers in its decision.
Sole Traders Turn to AI for Tax and Accounting Advice
Starling Bank reveals new research today which shows sole traders’ growing reliance on AI for financial advice
MPE 2026: SOK’s Payments Strategy in Finnish Retail
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
FTT Lending 2026: What Do You Need From Me to Lend Me £100?
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
NOTO: The Urgent Need for Transparency Against Insider Threats
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
Kingstone Selects ZestyAI to Power California Market Entry
ZestyAI announced that Kingstone has selected Z-FIRE™, its wildfire risk model, as part of Kingstone’s planned expansion into the California homeowners market
Revolut Enters New Era of Money Intelligence With Launch of AI Assistant
Revolut has launched AIR (AI by Revolut), an in-app AI assistant designed to transform how millions of users interact with their money and elevate their money intelligence.
Raiffeisen Bank Reaffirms Long-Standing Commitment to Powering Core Retail Services With Finastra
Finastra announced that Raiffeisen Bank Hungary has reaffirmed its long-standing commitment to using Finastra technology to power its core retail banking in region
Visa Opens the Door to AI-Driven Shopping for Businesses Worldwide
Visa has unveiled Intelligent Commerce Connect, a new solution that makes it easier for businesses to participate in AI-powered commerce