Research suggests that it’s all too easy to lose touch with an old pension. So if you’ve moved jobs and switched employer, don’t lose track of your pension.
Keeping track of your pension
If you’ve joined a workplace pension, you should receive statements from your pension provider(s) every year telling you how much you’re likely to receive at retirement. If you’re not getting them it could mean that they don’t have up-to-date details for you. This is what you should do:
1. Check your pension statements. Look out for your annual statements, see how much your predicted pension is and keep the statements in a safe place.
2. Keep in touch with your previous employer or pension provider. If you have a workplace or private pension you should make sure you give them your contact details if you move house.
3. Trace lost pensions. If you’ve lost touch with a workplace or personal pension your first port of call is the Pensions Tracing Service (which you can access via the Gov.uk website). It’s a government run and free to use service that will give you up-to-date contact details for your pension scheme.
4. Monitor your pensions. The statements you receive each year should give you an indication of how much you might get at retirement, but it’s little more than an educated guess. There’s no guarantee that you’ll get as much as the lower estimates, while it’s possible (although unlikely in the current low interest rate environment) that you might get more than the optimistic estimates.
SAVVY TIP: Keep an eye on the amount you’re due to receive and check whether it’s likely to pay for the retirement you want.
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