People’s Partnership, provider of The People’s Pension has commissioned a report with Ignition House, exploring member consolidation experiences.
There are more Defined Contribution transfers than ever before, with over 1.5 million switches taking place annually, a 25 per cent increase from last year, but the process isn’t fully serving the best interests of savers.
This report presents the findings of a research project carried out by Ignition House, which involved 20 qualitative interviews with pension savers aged 22-65 who had consolidated one or more pensions. The research was conducted in two stages: one in January 2024 and the other in October 2024, to track any changes in member behaviour over time, particularly regarding the consideration of charges during transfers.
The research reveals that many savers are transferring pensions without fully understanding the financial implications, potentially resulting in smaller retirement pots. It also highlights the urgent need for the industry to improve its transparency, ensuring it delivers better default outcomes for everyone.
The report includes a five-point plan to reform industry practices for unadvised transfers – a necessary measure that The People’s Pension believes will put the interests of savers at the heart of pension transfers.
Download the full ‘Exploring Member Consolidation Experiences’ research report
Download the full research report ‘Exploring Member Consolidation Experiences’ .