Automatic enrolment has successfully encouraged millions of people to start saving for retirement. However, a common problem has emerged: each job change adds a new pension up to a maximum pot size limit, which leads to numerous scattered and low-value pension pots. 

In this whitepaper, we discuss the limitations of the current approach and introduce our 'Magnetic Pensions' proposal. Our approach will mean that every time an individual switches jobs, their previous pension should be 'magnetically attached' to them and move with them to their new job.