Workers could get ‘pot for life’ pensions to keep track of retirement savings

Chancellor Jeremy Hunt is considering letting staff rather than bosses choose pension pots, rumours suggest. Will this boost retirement savings?

piles of coins
(Image credit: Getty Images)

Pension savers could be given a ‘pot for life’ as the chancellor seeks to help workers keep track of their retirement savings as they move jobs.

Staff have been auto-enrolled into workplace pension schemes since 2012 and while this ensures people are putting money away for retirement, it means people can have multiple pots to keep track of each time they move to a new employer.

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Marc Shoffman
Contributing editor

Marc Shoffman is an award-winning freelance journalist specialising in business, personal finance and property. His work has appeared in print and online publications ranging from FT Business to The Times, Mail on Sunday and the i newspaper. He also co-presents the In For A Penny financial planning podcast.