As most people these days change jobs during their lifetime it is also common for people to build up a collection of different pension pots, making it difficult to keep track.
A study by Aegon found that, of the 62% of people who have multiple pensions, more than a fifth (21%) have lost track of one or all of them and 39% of those with multiple pensions didn’t know the total value of their retirement savings.
It is very hard to plan for retirement without a full view of your savings and it’s important everyone has a clear idea of how much their pension is worth, and what their State Pension entitlement is likely to be.
Tracking down a lost pension can be as simple as making sure any old pension providers have a current address for you and asking for a current statement.
If it maybe that your old employer doesn’t exist anymore, or you may not have any contact details. In this case, the Department for Work and Pensions (DWP) has a pension tracing service that can help you find a lost or forgotten pension that you built up many years ago.
Pension review worth considering?
Once you have found all your different pension pots, it might be a good idea to have a review undertaken to ensure you are able to access the new range of pension providers, ensure you have an appropriate level of exposure and ensure your pension funds are not invested in a poorly performing fund or attracting excessive charges.
This is an extremely complex area and it is essential that professional advice is undertaken to understand fully the benefits and risks before considering any charges to your existing pension arrangements as it is possible that you could lose valuable benefits.
We work with several local independent financial advisers who can assist our clients with all pension matters. If you would like us to contact them for you with a view to arranging a meeting please give us a call. Sue Stephens.