3 steps to keeping track of your pension
A recent study has revealed the worrying statistic that over a fifth of all people with multiple pensions have lost track of at least one pension, with some admitting to have forgotten the details of all of them.
With around two thirds of UK residents having more than one pension, this amounts to approximately 6.6 million people with no idea how much they’ve put away for their retirement.
A typical worker today will hold eleven different jobs throughout their career, which could potentially mean opting into the same number of pensions through as many different providers. The new legal requirement for all employers to offer a pension scheme through auto-enrolment is likely to add further complexities.
There are three relatively simple steps to help you track down information on any pensions you’ve forgotten about:
Find your pension
More information can be found on gov.uk website on how to use the DWP Pensions tracing service. Start by entering the name of your former employer to discover the current contact address for them. You’ll then need to write to them providing your name (plus any previous names), your current and previous addresses and your National Insurance number.
State pension forecast
It’s worth getting a forecast of your State pension online. After entering a few details to confirm your identity, you’ll be told the date you can access your State pension and how much you’ll receive.
Finally, and we think most importantly, once you’ve managed to track down all of your pension information, get some advice. Consolidating your pensions might be tempting to make managing your savings easier, but you also want to make sure you don’t lose out on any benefits by doing so.
To get help on tracking down your pensions and making sense of it all call 0161 975 6700 or contact your normal Cullen Wealth Consultant.