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£50bn in lost UK pension pots: auto-enrolment fragmentation, FCA-identified gaps, delayed pensions dashboard and proposed 'pot for life' reforms

Published on: 21 March 2024

Published by a Law360 reporter
Legal News
Article summary

Analysis from the Centre for Economics and Business Research (CEBR) indicated that at least 4.8 million pension plans were classed as ‘lost’ across the UK in 2023. Around one in ten workers thought they might have mislaid a retirement savings pot valued at over £10,000. CEBR questioned 1,957 UK adults and adjusted the results by gender, age, region, working status and social grade, drawing on Office for National Statistics data. The research was carried out for retirement savings consolidator PensionBee. ‘The sums that have slipped off the radar in old pensions are already staggering,’ said Becky O’Connor, PensionBee’s director of public affairs, warning the figure ‘is on course to become a national crisis’...

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