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Survey reveals multiple funds

Over half of IFAs’ clients have three or more pension funds, with just 12 per cent having only a single pension pot, according to MetLife.

Research by the life company found 53 per cent of IFA clients have multiple pension arrangements, with clients typically having money invested in a range of company and personal schemes.

The average number of pension schemes held by clients works out at 2.57, with 32 per cent having two funds, 42 per cent having three and 11 per cent four or more.

MetLife says the research surveyed 100 advisers across the UK and shows there are major opportunities for IFAs.

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.”

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