MILLIONS of savers could be losing up to £800 a year if they’ve notched up multiple pensions due to frequent job moves.
The cost of administering a pension can set you back anything from £20 to £80 a year, according to new figures shared exclusively with HOAR by Hargreaves Lansdown.
But the financial provider’s research found that 18 to 24-year-olds are set to have 11 jobs on average over the course of their working lives, which means you could end up shelling out fees of between £220 and £880 a year.
Auto-enrolment, which was introduced in 2012, means bosses have to set-up pensions for workers between 22 and the state pension age who earn more than £10,000 annually.
And millions of people could be overpaying given the latest Office for National Statistics (ONS) show that 21.93million employees (77% of workers) now have a workplace pension.
Sarah Coles, personal finance expert at Hargreaves Lansdown said: “Each time you move job, it’s worth considering consolidating your pensions.