People’s Partnership wanted to learn more about how people arrived at the decision to transfer their pension.
People’s Partnership commissioned Ignition House to conduct a study into the behaviours of pension scheme members leading up to the decision to transfer their savings. Researchers surveyed 1,000 defined contribution savers aged between 18 and 65 who had transferred their pensions, without advice in the past two years.
Ten further interviews were conducted to further explore the rationale behind these pension transfers.
The primary motivation for pension consolidation lies in the desire for members to streamline their finances, with individuals seeking to consolidate their pensions to create a more cohesive and manageable situation. A third of our respondents gave financial simplification as their primary motive, and a further 25% said they were worried about losing track of their finances.