Many employees are failing to keep track of their pensions records which could prove to be an expensive mistake for many individuals when climbing up the career ladder.
Aviva explained that as changing jobs every few years is now a regular thing for most people, many individuals are contributing to several private pension schemes during their working years but explained that a large number of people fail to keep track of these pots.
It was discovered that close to a third (28 per cent) of the UK’s full-time employees believe they will contribute to two or more different private pension schemes during their working lives but two thirds (60 per cent) do not know they can combine private pension pots at retirement.
Clive Bolton, the ‘at retirement’ director for Aviva said: “The modern day job market is much more fluid and this is having a direct impact on the pension landscape. People are now finishing their working lives having had several employers – and several private pension schemes.
“It is more important than ever that people make best use of all the funds they have saved.”
Last month, Aviva underlined how retiring parents are facing increasing financial pressures from adult children in the current climate.