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Keeping Track of Your Pensions

Once upon a time, so the story goes, people tended to have jobs for life. As a result, working for one employer it was relatively straightforward to keep track of any pension linked to that job. Fast forward to today and an increasing tendency towards portfolio careers could leave individuals with a number of small pension pots, left behind as people move on in their career.

Is that a problem? Well, a study from Aegon has revealed that 64% of savers have more than one pension pot with 22% of those having lost track of one or more of their pension accounts. Not only does that make it difficult to accurately plan for retirement, in some instances it could lead to higher earners unwittingly breaching pension regulations.

Whilst most pension providers will issue annual statements, if you have moved and failed to notify them of your new address then you could be left in the dark. If you are looking to trace old pensions the standard advice is to start either with your old employer or pension provider. The government also has a pension tracing service which will provide contact details for more than 200,000 workplace and personal pension schemes.

If you are looking for pension advice, or if your situation has changed and you may therefore need to review your existing investments, contact Beckworth by using one of the links on our website.