It can be surprising to learn just how many pension savings have been lost across the UK. According to the Pensions Policy Institute, as much as £20 billion in pension savings have been misplaced. This is primarily due to that fact that people change jobs much more frequently than they used to. With every new workplace comes a new pension, which often leads to the previous pot going astray.
We want to make sure you’re not one of the many workers missing out on your personal pension savings. Read on to find out what you should if you think you may be missing some, if not all, of your pension pot:
First things first, make sure you’re checking in with your pension regularly
Many workers contributing to a pension don’t keep an eye on their statements. We would recommend checking and filing the annual statement you receive from your pension provider.
If you’d like more frequent updates, you can request these. But remember to update your provider if you change address, as it can be easy to lose touch.
Find your misplaced pension by getting in touch with your previous employers
Think you may have some unclaimed pension savings sitting in a pot somewhere? Don’t dismiss it – all you need to do is reach out to your former employer (or pension provider if you know their name).
If you’re really unsure about who to contact or can’t get a hold of anyone at your former company, simply use the Pension Tracing Service to locate your misplaced pension. You’ll just need to fill out a form with either the name of your past employers or pension provider.
What happens once you’ve located any misplaced pension savings?
We can assist with a financial review and devise a plan which will assist in managing the pensions and detail the different options available.
Looking for personal pension plan advice in Glasgow? Or do you simply need some general advice on investments? To book your free initial consultation, give us a call on 0141 764 0040.