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21% Lose Track Of Multiple Pensions 

While 62% of people have multiple pension pots, 21% have misplaced one or all of their retirement savings, according to Aegon.

Research also found that 67% of people would be interested in consolidating all their various pension pots into a single scheme if it financially benefitted them.

However, 43% said they would need further information on the benefits before moving all their savings.

Of the individuals with multiple pots, 39% do not know the total value of their pension savings.

As a result, more than 6.6 million people may have lost some of their retirement savings.

Kate Smith, head of pensions at Aegon, said:

“Today people have diverse careers often involving multiple jobs with different companies. The introduction of auto-enrolment has also led to more than 7 million people saving into a pension and a big increase in total number of pension savers.

“Looking to the future, the launch of a pension dashboard in 2019 should simplify the process of finding lost pensions, and has the additional bonus of seeing all your pensions, including the State pension, in one place.”

For any help or advice with financial planning talk to RPD

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