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25pc misplace pension ‘job-hopping’

One in four people say that they have lost touch with or misplaced a pension pot after changing their job.

A change in job culture means that more and more people are changing jobs more regularly, and this causes confusion over pension schemes, especially when they are not transferred to the new company they work for.

Half of all missing pensions are forgotten about, while missing paperwork accounts for the loss of a further 20pc, according to data from the charity Age UK. While those aged over 65 have worked for an average of five to six companies, a change in job culture now means that one in four people aged 25 to 34 has had the same amount of jobs.

On top of this more people are expected to adopt workplace pension schemes, after the Government launched the auto-enrolment scheme in October 2012. This automatically enrols employees onto a workplace pension in companies which have over 120,000 employees, while smaller firms are expected to be included in the future.

This will mean that it will be the norm to have multiple pension schemes by the time the young people of today come to retire, and less than a third of people said they would bother to trace a pension scheme that they has lost track of, according to Age UK. This means that effectively they would have retirement savings that would not give them any retirement income.

If you have any questions about your pension, or any other financial query, please contact one of our advisors who will be happy to help.

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