The Association of British Insurers (ABI) estimates that more than 1.6 million pension pots worth £19.4bn are “lost” – the equivalent of £13,000 per plan.
Once upon a time, a job meant a role for life. Nowadays people move jobs much more often.
Whether the change is through choice (as better opportunities present themselves), or through redundancy; spending your whole career in one place is now considered unusual.
As people move jobs, they can leave behind pension funds and often even forget about them altogether. With 10 million auto-enrolled in workplace pensions, the issue is getting more apparent. This money is yours; you’ve earned it; so ensure you know where it is and how to get to it when you can.