Pension providers not doing enough to trace lost pensions - research

Over 90 per cent of consumers believe that pension providers are not doing enough to trace people with lost or dormant pensions, a recent survey by PensionsLink has reported.

The survey, which received responses from almost 2,000 members of the public, identified that consumers feel the pensions industry is not putting in enough effort to locate schemes that they used to be a part of.

The results showed that a significant 78.5 per cent of participants felt that the government is not doing enough to assist them in finding all of their pension - 21.5 per cent believes it is.

A mere 10.8 per cent of those questioned (the majority, who are not yet retired) asserted that they are confident they’ll have enough to live comfortably in retirement; while 80 per cent of retirees claimed that they do not have enough to live comfortably.

Furthermore, 80.5 per cent noted that they are concerned that some of their pension pots will never be found.

Although participants voiced their frustration at the pension industry’s lack of effort and assistance, almost three quarters of those searching for a lost or dormant pension pot said they they do not have any paperwork.

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