Pension consolidation

The Government has actively encouraged saving for a pension. Its auto enrolment workplace scheme has been widely publicised and promoted. What is seldom discussed or understood, however, is what happens to that pension when we move jobs. Cost, and the fear of the unknown, stops many of us asking the question, or seeking advice. Throughout our working lives, we may have up to 11 different jobs, and that potentially means 11 different pension pots.

We’re likely to change jobs an average of 11 times throughout our working lives. Factor in a few house moves and a couple of life milestones, it’s hardly surprising that we lose track of the odd pension along the way.