Job switching, auto enrolment with every move, and people s tendency to lose pension information and not update schemes with contact details are all behind the rise in orphaned pots.
The problem of lost pension pots has increased by £7bn in four years. It means that the total value of lost pension pots has reached £26.6bn, with three million pots not currently matched to their owner.
The current economic climate means there has never been a greater need for HR to be supporting their workforce with practical financial solutions that are affordable and make an impact. With inflation forecast to hit 18% next year, soaring energy bills and a recession looming, the cost of living crisis will almost certainly hit people in the pocket.