By the age of 45, UK adults have had 11 different jobs*. This means that it is likely that you might have several workplace pension schemes which were set up with various employers throughout your career.
Having lots of small pensions can be hard to keep track of and causes a lot of extra administration for you, for example if you move house then you would need to notify each pension provider of this separately.
Keep track of how much you have saved for retirement
It may also be harder for you to keep track of how much you have saved for retirement, how your pension funds are performing and what charges you are paying each provider.
Unsurprisingly, many people do not know where all of their pensions are or who the provider is as the pension may have been started years ago and they may not have contributed for very long before moving job again. It is important that you track down all of your pensions as the money in your forgotten pensions will help you have a more comfortable retirement.
How to find your old pensions
There are a few ways to track down your old pensions. You could contact all of your old employers and give them your employment dates so they can find out who their workplace pension provider was when you worked there. You would then need to contact that pension provider and check if your pension is there.
The government has a Pension Tracing Service online to help you find your old employers details. This will help you to get in touch with them.
If you do know the pension provider then you can go directly to them and ask them to check if your pension is still there. They can locate your pension using your name, date of birth and national insurance number.
Get help finding and reviewing your old pensions
At Four Wealth Management, we can work with you to track down and contact your old pension providers and find out how your pensions are performing.
We can do some analysis on the funds you are invested in and determine if they are actually suitable for your individual circumstances and goals for retirement. Most workplace pensions are invested into default pension funds and might not allow you to make the most of your pension savings.
Book a no-obligation pension review meeting now
*Gretel, April 2022
