The average worker has around 11 jobs over the course of their career.
The UK Government is looking into ways to help workers achieve better retirement outcomes, including those with several small pension pots scattered around. The average worker has around 11 jobs over the course of their career, which means some may end up with multiple retirement funds.
Sir Steve Webb, a former Liberal Democrat pensions minister who is now a partner at consultants LCP said: “It has been obvious since the start of automatic enrolment [in 2012] that small pots would be an issue, which is why the 2014 Pensions Act provided for a pot-follows-member solution. The VFM framework will improve competition between defined contribution pension schemes and require pension schemes to disclose key metrics and service standards, the UK Government said.
Top Money Stories Today Tom Selby, head of retirement policy at AJ Bell said: “There are now millions of people in workplace pension schemes, including many with multiple pots from previous jobs. As things stand it can be difficult for people to compare the performance of those pensions, and often people are nervous or fearful of engaging with their retirement fund.
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