In this report we examine the practice of transferring retirement savings as an initial impetus to determine whether a review of the system is needed. The study shows that each year 293,600 people that change jobs have the opportunity to transfer their accrued pension rights. 39% of this group actually transfers retirement savings, the remaining 71% leaves the fund in their old company’s pension plan. A large majority of retirement saving transfers refers to funds that are build up in five years or less. More than half of the transfers takes place between career-average pension schemes. Each year an estimated € 1.7 billion of retirement savings is transferred between pension providers.

Participants who transfer their retirement savings benefit from it on average. Disadvantages exist for new employers and participants in retirement funds that have more incoming than outgoing transfers. The possibility of transferring retirement savings probably has limited beneficial effects on society as a whole.