It’s National Pension Tracing Day on 26 October – which means now is a great time to check in on your retirement savings and track down any lost pension pots.
Data from the Pensions Policy Institute suggests that there are almost 3.3 million unclaimed pension pots in the UK. Combined, these unclaimed pension are estimated to be worth £31.1 billion.
The average value of these lost pots is £9,470, rising to £13,620 for people aged between 55 and 75.
It’s easier than you might think to lose track of your pension savings
These days, long-term employment with the same employer has become less common. Now, many people change jobs more frequently and contribute to multiple workplace pensions throughout their careers.
The advent of auto-enrolment in 2012 has added to this trend, making it even more likely that you may have inadvertently collected several small pension pots with different providers.
How to track down lost pensions in 3 steps
If you think you may have misplaced one or multiple pensions, here are three simple steps to track them down.
Step 1: Sort through old paperwork
Your provider should send you an annual statement, so review old correspondence and emails to find the details.
For personal pensions, look through bank statements for details of payments made to pension providers.
Step 2: Contact previous employers
Get in touch with past employers and ask them who the workplace pension provider was when you were working with them. To make life easy, have a note of your rough dates of employment and your National Insurance (NI) number ready to share.
If you don’t know where to start, work through your CV and contact each employer on the list.
Once you know your previous pension provider, contact them to help track down your fund.
To match you with the right pot, the provider may need to know your NI number, employment details, and previous home addresses.
Step 3: Use the Pension Tracing Service
If you don’t have contact details for a particular scheme, the government’s pension tracing website could be the next best move.
Simply enter the details you remember of your former employer or personal pension provider.
While the service won’t tell you whether you have a pension, it should provide you with details of which organisation you need to contact.
Once you’ve located all your pension savings, consider consolidating your pots
When you’re confident you know what pension pots you have and their providers, consolidating them into a single scheme could make it easier to stay on top of your retirement savings.
A single pot for all your retirement savings could:
- Make it easier to manage your pension savings. With only one scheme provider to deal with, you’ll have just one set of paperwork to keep track of, and one set of contact details to remember. When you begin drawing your pension, understanding your income options may also be easier.
- Reduce the amount you’re paying in fees. Older pension schemes may have higher fees. By consolidating all your savings into one pot with a single provider, you may find that moving away from old providers could reduce costs.
- Present more investment options. Newer schemes often provide greater choice over where to invest your retirement savings. Many providers offer sustainable and ethical choices, allowing you to align your investments with your values.
3 key considerations before you consolidate
Now that you’ve identified all your pensions, pooling your retirement savings into one easy-to-manage pot may sound like the perfect solution.
But wait!
Before deciding to consolidate your pensions, it’s important to understand potential problems.
Think about tax
There are tax implications of consolidating your pensions. Any income you take beyond your tax-free cash entitlement (usually 25% of your pot’s value) is subject to Income Tax.
Withdrawing a larger pot in one go might push you into a higher tax bracket, which could result in a portion being taxed at 40% or even 45%.
Factor in transfer charges
Depending on circumstances, you may be charged a transfer fee.
Before you commit to transferring your pension, you’ll need to weigh up the size of the charge against the potential benefits of the transfer in each case.
This is something we can help with, so be sure to get in touch before you decide.
Don’t walk away from valuable scheme benefits
If you’re a member of a final salary (defined benefit) scheme, you may not receive the same benefits if you transfer to another pension.
For example, your final salary scheme may provide protected tax-free cash or a protected lower pension age that you could lose by transferring your savings.
Likewise, if you have a pension with guaranteed benefits, these may no longer be available if you transfer out.
Before committing to moving out of a scheme and transferring your savings, it’s important to review the benefits you may be giving up and carefully consider whether transferring is in your interests.
Because strict rules apply to final salary pension transfers, it’s important to seek expert advice. We can refer you to a pension transfer specialist who may be able to assist you with this.
Get in touch
If you’re struggling to find lost pension savings or would like to discuss whether consolidation could be the right option for you, please get in touch.
Email contactme@kbafinancial.com or call us on 01942 889 883.
Please note
This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.
HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes, which cannot be foreseen.
The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.
Workplace pensions are regulated by The Pension Regulator.
Pension consolidation advice is available. If you hold a Defined Benefit Pension Scheme or Defined Contribution pension with a guaranteed minimum pension or income, any advice you receive will be through a dedicated referral advice service and a specialist within our network.
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