What to do with multiple pension pots?
The average Brit will accrue 11 pensions in their working lifetime which builds up a series of smaller pension pots that often get left behind as we move on from one job to the next. There are around 1.6 million unclaimed pension pots worth nearly £20bn, according to new research commissioned by the Association of British Insurers (ABI).
If you have various pensions pots it can be very tricky to keep track of all your retirement savings. Consolidating pensions means that you only need to track one pension and there are many there are many advantages of putting all your pension in one place.
Speaking to the iPaper, Adam Rideout, one of our financial advisers, says there’s an awful lot of small details to consider and you need to know the right questions to ask providers, as finer details are sometimes missing from standard information packs.