Workers have no say over which provider they hold their pension in. And most are unaware there are huge differences between the best and worst pension schemes.
Punter Southall Aspire has called on employers to do more to support employees approaching retirement, amid a disparity in annuities that has been made more apparent following an increase in rates.
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.