Workers who regularly move jobs are failing to keep track of all of their pensions, new research has shown. Aviva, one of the Britain’s largest insurance providers, has concluded that having more than one pension pot was now considered normal, as workers change jobs more frequently throughout their careers.
Their research, of 2,000 people in November, went on to show that 54% of people said they had no idea how to access previous pensions they had been paying into, and 37% didn’t know what steps to take regarding their pensions savings when they moved jobs.
With around 30% of workers having five different jobs throughout their career, the modern career path is evolving and workers need to be increasingly vigilant with their pensions so they don’t hit problems at retirement age.
One in three currently assume that their precious employer would take care of matters for them, while nearly 30% choose not to worry about the issue until they get closer to retirement.
Clive Bolton, a retirement expert at Aviva, said: “The modern day job market is much more fluid and this is having a direct impact on the pension landscape.
“People are now finishing their working lives having had several employers, and several private pension schemes. It is more important than ever that people make best use of all the funds they have saved.
He continued, “When it comes to retirement, not only should people be shopping around for their annuity, they should also be combining the multiple pension pots they have accumulated over their working lives to help maximise their retirement income.”