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Over half of IFA clients have three or more pension schemes

Over 50 per cent of IFA clients have three or more pension schemes with just 12 per cent of clients only having one pension scheme.

According to research from MetLife, more than half of an IFA’s client base has multiple pension arrangements with clients typically having money invested in a range of company and personal schemes.

The research, which surveyed 100 advisers across the UK, found that 32 per cent of IFA clients hold two schemes, 42 per cent of clients have three schemes while 11 per cent claim to have four or more.

The average number of pensions schemes held by clients works out at 2.57 and MetLife says these findings represents a major opportunity for IFAs.

MetLife Europe head of communications Rosy Atal says: “The number of clients with multiple pension schemes demonstrates the need for expert advice on maximising retirement income.

“People moving jobs will typically accumulate a number of different pension schemes and these may be defined benefit or defined contribution. People in that situation would benefit from advice.

“No two clients are the same but it is clear from this research that many have multiple pensions and should be considering how best to plan for their retirement.”

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