Pensions system fails job-hopping Brits

New research compiled by the ABI finds 62% of employees do not continue to pay into their first pension pot when they change jobs. And, the ABI says, 21% of working people aged over 50 have three or more private pensions. It says pensions providers and the government need to formulate a system whereby savers can consolidate their money into fewer, but bigger individual funds, as it says the ‘proliferation’ of pensions is complicating the pension system and proving costly for consumers. The ABI says this also causes the difficulty to firms who have to administer many pensions, which...