You are here: Home - Retirement -

Pension pots resist trend towards consolidation

Written by:
More than half of Brits are bundling services and accounts, yet just three per cent have consolidated their pension pots.
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.”

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

FTSE and sterling jump on Brexit vote delay

Investors welcomed MPs’ latest vote in the House of Commons in favour of a delay to Brexit on 29 March.
FTSE and sterling jump on Brexit vote delay

First time buyers take over from buy to let

First time buyers are driving the housing market, according to new lending statistics from UK Finance.
First time buyers take over from buy to let

Money experts lift the lid on their ISA investments

Are you looking for inspiration for your ISA allowance? Five money experts reveal where they’ve invested their...
Money experts lift the lid on their ISA investments

Ryanair jetting towards US flights for £10

Ryanair is on course to achieve its long-held ambition of offering transatlantic flights to the US – and the...

Investing in car parks: a good vehicle for income seekers?

As the search for income continues, many investors are turning to alternatives, with car parks becoming increa...

A quick guide to guarantor loans – in association with Guarantor Loan Comparison

Considering a guarantor loan or becoming a guarantor yourself? Read our essential guide...

Results round-up: Companies to watch this week

Mulberry and more will face the music this week.

Product launches of the week

Select Property Group, Schroders, Leeds Building Society and more have exciting news this week.

Money Tips of the Week

  • 'Over the last year, the amount of money saved in Innovative Finance ISAs – or IFISAs – has increased by over 700%'-
  • Sainsbury’s and Asda promise £1bn of lower prices if merger goes ahead -
  • Are you planning to make a last-minute investment into your ISA or SIPP during this tax year? Here are five tips to…

Read previous post:
One in four employees fears an imminent job loss

More than one in four UK employees fear they will lose their job within the next six months, according Glassdoor’s...