Pension savers struggle to consolidate pots

Pension savers struggle to consolidate pots

More than one in 10 (11 per cent) of pension savers are struggling to consolidate their pension pots, according to research from pension specialists iSipp.

The consolidation of pension pots could reduce annual fees and save time on administration.

However, more than one in 10 have tried to consolidate funds and failed, while nearly two out of five (38 paper cent) admit they do not know how to consolidate pensions into one fund.

Just one in five (19 per cent) of those questioned in iSipp’s study say they have only ever had one pension fund while another 19 per cent say they have successfully consolidated pension funds in the past. 

iSipp managing director Hrishi Kulkarni, said: “It is worrying that so many people have tried to consolidate their funds and failed and that so many don’t know how to do it.”

The survey found that more than half (52 per cent) who have multiple pension schemes have not tried to consolidate and about 26 per cent of under-35s have moved their pensions into one pot while 13 per cent have failed.

Among the over-55s, only 17 per cent have consolidated funds while 5 per cent have tried and failed.

Younger savers are more likely to have successfully consolidated funds, but at the same time are also more likely to have tried and failed.

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