UK savers 'want pensions in one place'

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UK savers 'want pensions in one place'

Tue 20th Dec 2011

Many people are putting money into pension funds at present, but they have many places where they are saving, a new study has shown.

Research carried out by Aviva has revealed that almost half (49 per cent) of UK workers have multiple pension pots, with the majority of this group believing it would make pensions saving easier if there was a mechanism for combining these smaller pots into one larger savings bundle.

Paul Goodwin, director of workplace savings at Aviva, said: "What's clear from this research is that many workers in the UK are saying they want to be able ... to see the value of their total pension pot in one place."

Furthermore, half of respondents to the study claimed they have so many pensions savings pots that they do not know the full value of their savings.

It follows comments by Jonathan Lipkin, head of research and pensions at the Investment Management Association, who claimed the introduction of the new auto-enrolment scheme should make pension saving that much easier in the years to come.

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