Latest News and Events

Finding your Pension

Auto enrolment may be taking the pension headlines at the moment but whilst that may be helping people to set aside a portion of the future earnings in order to build up a pension pot, it is important not to lose sight of previous forays into the pension marketplace.

Changes in government legislation over the last couple of years have in theory made it easier for people to make the most of their pension savings. However, that assumes that people have not lost sight of those small pension pots which may have been built up whilst working for a previous employer.

According to the DWP there is currently some £400 million sitting in unclaimed pension pots. In a bid to help people to trace these funds, the DWP has launched a new website which aims to help people quickly and easily trace lost pensions. Following on from the existing pension tracing service, which last year received 169,000 pension tracing requests, the new site was set up in response to a 463% increase in tracing requests over the last 10 years. The new service enables people to access information from more than 320,000 pension schemes.

Commenting on the new service the Minister for Pensions, Baroness Ros Altmann said “People have had on average 11 jobs during their working life which can mean they have as many work place pensions to keep track of.”

If you’re looking for pensions or investment advice, or if your situation has changed and you may therefore need to review your existing investment portfolio, contact Beckworth by using one of the links on our website.