Wednesday, August 10, 2022
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Warning over under-35s having ‘too many’ pensions



Over 1 / 4 of youthful folks (28%) aged under-35 have three or extra pensions, in keeping with analysis by Hargreaves Lansdown which warns that some may lose observe of their retirement objectives.

A survey of 1,000 folks carried out for HL by Opinium in April discovered that 35% of the beneath 35s have already got three or extra pensions and will have a number of extra by the point they retire.

In distinction, solely 23% of individuals aged between 55-64 have three or extra pensions and 44% of individuals total have only one pension. 

HL says that having a number of pensions could make it tougher to maintain observe of retirement plans and a few folks threat shedding observe of a number of pensions.

It believes the federal government’s forthcoming Pensions Dashboards may assist preserve observe of plans however pension consolidation might also be an choice for some though it provides that individuals ought to get monetary recommendation earlier than selecting this feature to keep away from probably shedding precious advantages.

Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown, stated that shedding observe of pensions dangers “derailing” retirement planning.

She stated: “A mixture of job hopping and shifting residence means there’s a excessive chance folks may lose sight of a pension plan.

“The typical individual is predicted to have 11 totally different jobs of their profession and with auto-enrolment in play you might get a pension in each one among them. Our analysis exhibits over a 3rd of beneath 35s have already got three or extra pensions. By the point they’ve retired they may probably have collected a number of extra.”

She stated that the DWP has already stated that the problem of a number of pensions may lead to as much as 50m misplaced pensions by 2050. 

HL has really useful purchasers use the federal government’s Pension Tracing Service to see if they’ve any misplaced pensions  Discover pension contact particulars – GOV.UK (www.gov.uk)




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