Fixing the problem of multiple pension pots

Words by: Cushon

Published on 14th September 2023

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2 min read

Download our latest research paper on fixing the problem of multiple pension pots.

Time to rethink workplace pensions

One in three employees with more than one pension pot want them all in one place but less than one in five employees say they have ever transferred one pension into another. There are several reasons why including: 

1. Lack of understanding 

2. Viewing the process as too difficult 

3. Lacking the confidence to make these kinds of financial decisions

Simplifying the consolidation process 

As well as educating people about the fact that they can combine their pension pots, providers also need to make the process easier. 

• Providers need to make good use of technology:

  • More than half (53%) of our respondents said it would be helpful if they could consolidate their pensions online or through a mobile app. 

• They also need to use plain English:

  • More than two-fifths (42%) of employees would find it helpful if it was easy to understand the jargon associated with pensions. 

• Employees also need support:

  • A third (32%) would like to be able to speak to a real person at the pension company if they need help, and a similar percentage (30%) would like access to help or guidance through their employer. 

Download our latest research paper to learn more about fixing the problem of multiple pension pots to work for the modern workforce.