Based on half of the market this research equates to 1.6 million lost, or unclaimed, pension pots – which is a staggering amount.
It is estimated that the average person will change jobs 11 times during their working career, so it’s no surprise the figure above is as high as it is. But what can you do in order to track down your lost pensions? Below are a few tips.
The first thing you can do is to go through your old pensions paperwork. This will give you a clear indication of where your money is and how much it is currently worth.
If you are unable to locate your existing paper work then contacting your former employer is another way to track down where your pensions might be.
One pension pot
Another way to keep track of your retirement savings is to potentially have one pension pot. If you have a number of different pensions then it could be more efficient to consolidate them into one fund.
This method might not be in everyone’s best interests so it is important to get professional advice.
If at any point you move house then it’s a good idea to notify your pension company, this way you can confirm that all of your details are up-to-date as well as making sure any annual statements or important letters are delivered to the right address.
Seek professional advice
As with anything, when it comes to your finances it is a good idea to get professional advice. At Pensionlite our expert advisers have the necessary industry experience to help locate your lost pensions. For more information about your pensions why not contact the Pensionlite team today.
The value of your pensions, investments and the income they produce can fall as well as rise. You may get back less than you invested.
Transferring out of a Final Salary scheme is unlikely to be in the best interests of most people.