Retirement savers struggling to consolidate pension funds

More than one in 10 (11%) pension savers with multiple schemes have tried to consolidate funds and failed while nearly two out of five (38%) admit they do not know how to consolidate pensions into one fund, the study found.

Just one in five (19%) of those questioned in iSIPP’s study say they have only ever had one pension fund while another 19% say they have successfully consolidated pension funds in the past. More than half (52%) who have multiple pension schemes have not tried to consolidate.

Younger savers are more likely to have successfully consolidated funds – and more likely to have tried and failed. Around 26% of under-35s have moved their pensions into one pot while 13% have failed. Among the over-55s only 17% have consolidated funds while 5% have tried and failed.

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.

“Consolidating all existing pensions into iSIPP will provide them single online pension account, simple and transparent fee to pay and full oversight of investment performance helping them to make more informed decisions moving forward suited to their own financial situation and retirement goals.”