26th January 2018 at 10:00am
Most of us will change employers around six times throughout our working lives, according to The Telegraph. For some it could be far more, and with each change meaning a new workplace pension.
Once you’ve had a few jobs and built up a few pension pots, it can be easy to lose sight of them.
And because it’s your money, you’d probably like to know where it is and how it’s growing, and what you can do about it if it isn’t. It’s for your future after all.
Maybe you have an older personal pension you can’t find. Don’t worry, we’re here to point you in the right direction.
It’s easily done
Most pension providers send you a statement each year, telling you how your pension is performing and keeping you up-to-date with everything you need to know.
But something as simple as a change of address can mean you lose touch with each other.
You could have a forgotten pot worth thousands, which can make a big difference to your retirement fund. We’ve just seen one of our customers reclaim a lost pot worth a huge £50,000 that they had no idea they had.
What you can do about it
Contact the pension provider or your former employer to get the ball rolling. If you don’t have the details of either of these, you can use the Pension Tracing Service.
All you need is the name of your employer or pension provider to get going, it’s as simple as that.
Once you’ve found your pension pot, what’s next?
Well, you could file that information away along with pension paperwork from all of your other providers.
You could dig it all out whenever you want to take a look at your retirement plans and wade through the documents, but there is a way to make it easier to stay in control of your savings.
It could make sense to bring everything together
It’s worth thinking about combining your pots into one pension.
It’ll be easier to see how your fund is doing so that you know how much you’re saving, and if you need to add more to your pension payments.
You’ll have everything in one place, which makes it simple to check that your pension savings are in the right kind of investments for you, and to change them if they’re not.
If you’re thinking of bringing all of your pensions together, check you’re not giving up any valuable benefits or guarantees if you transfer, as you may want to keep these.
There’s no guarantee that you would get more as a result of transferring your savings. It’s important to speak to an expert to get information on your own situation. Transferring isn’t for everyone, and you need to consider all of the facts to decide if it is right for you.
Read more about bringing your pensions together in our Can combining your pensions lead to simpler retirement planning? and Considering transferring a pension?
You can also find out more on our ‘transfer my pension’ page.
Remember, as with any investment the value can go up as well as down and you could get back less than you paid in.
The links provided in this blog are for general information purposes only. Standard Life accepts no responsibility for information contained in the sites or for the sites not being available at all times.
The information here is based on our understanding in September 2017. The information in this blog or any response to comments should not be regarded as financial advice.