Pension pots resist trend towards consolidation
Some 55 per cent of Brits have combined two or more services, two fifths to keep track of costs and 25 per cent to cut down on paperwork.
A third of Brits have brought together energy bills, and almost a fifth have bundled TV, phone and broadband. In comparison, just three per cent of people have combined their pensions. Over two fifths of people with a pension have more than one pot of money.
Julie Hutchison, personal finance expert at Standard Life, said: “There certainly seems to be a trend towards consolidation, with many people making life simpler by tidying up all their different contracts and services. If we’re dealing with fewer suppliers we have less to keep track of, so we feel more in control. It’s also becoming much easier to bring things together, even pensions, although few people are making the most of pension consolidation opportunities.”
According to Hutchison more than two thirds people with pensions don’t know the true value of their savings.
She concluded: “Tidying up different pensions could make life simpler and provide a clearer view, too.”