Convoy Survey: Workers Neglect Preserved Accounts — Losing Money Unaware

A Convoy survey published in January 2011 found that many workers ignore old preserved accounts after changing jobs, letting fees gnaw at returns — losing money without knowing it.

What did the survey find?

Preserved accounts left to rot. Many workers abandon old-scheme preserved accounts after job moves — never reviewing fund allocations or comparing fees; some even forget the accounts exist.

What’s the cost?

Fees keep coming; returns keep bleeding. Preserved accounts don’t stop charging because you ignore them — administration and fund fees keep deducting; age-inappropriate allocations drag returns. Over years, the silent loss adds up.

What should you do?

Consolidate and review regularly. Consolidate preserved accounts into the new scheme when changing jobs — cheaper and easier to manage — and review fund allocations periodically to match your risk appetite. Compare MPF funds’ fees and track records at MPF fund comparison.