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Eight in Ten Working-Age Adults Admit They Don’t Know Where All Their Pension Pots Are
Eight in ten (81%) working-age adults admit they aren’t sure where all their pension pots are, prompting renewed concerns of a future pension savings crisis in the UK, reveals research from pension-finding platform, Raindrop.
Just 19% of people in the UK who are not retired are confident they knew where all their pension savings were.
A fifth (19%) are really concerned they don’t have enough saved for retirement –jumping to 25% for those aged 35-54 who may have previously focused on saving for a mortgage or children but are now prioritising retirement savings.
Almost a quarter (23%) admit they are worried they won’t be able to afford the lifestyle they wanted in retirement – again, this rises to almost three in ten (28%) of 35-54-year-olds.
Nearly one in five (16%) of non-retirees now believe that they will have to work for longer than they want to as I can’t afford to retire when I planned. Across the UK, this equates to almost 7 million people who will be forced to delay their retirement plans*.
Recent research from the Pensions Policy Institute (PPI) revealed that £31.1 billion is estimated to be sitting in lost pension pots. There are almost 3.3 million lost pots in the UK, with an average value of nearly £9,500.
In order to boost their retirement savings, people need additional support to ensure they have located all previous pots and gain more control over their savings.
Vivan Shridharani, Co-Founder & CCO at Raindrop, said: “Millions of savers have lost pension pots putting their retirements at risk.
“Due to financial pressures, people are forced to either delay their retirements or significantly alter the lifestyle they had planned yet there are still millions of pension pots sitting unclaimed. Locating all previous pension pots should be the first step savers take to boost their retirement incomes and maximise the value of the pots they’ve already built up.
“However, tracking down old pots is often incredibly complicated and time consuming. Savers desperately need a simple pension finding solution that locates lost pots, puts them in control of their retirement savings and boosts their future financial security.”
Raindrop pension finding technology to enable savers to locate lost pots. Raindrop partners with banks, pension providers and financial advisers including AJ Bell, Monzo and Standard Life.
Since launch, Raindrop has located over £350m in lost pension savings across more than 32,000 pots.
* Based on the latest population statistics from ONS.
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