What do a pension plan and a set of keys have in common?
It’s not that unusual for people to misplace them! Today, there’s almost £27 billion sitting in lost or dormant pension plans.
If you end up with more than one plan, it isn’t always easy to keep tabs on them.
But to help you keep track and know how much money you have in pension savings, you can:
1. Keep your personal details – like your home address – updated across your current and past pension providers so they can still get in touch with any important information.
And make sure your providers have your personal email address so that they can still contact you via email even if you leave your job.
2. Start looking for any lost pension plans you think you have today.
Putting a few details into the government’s Pension Tracing Service, like the names of your previous employers or providers, may be enough to help you find any plans you misplaced.
3. Consider combining your pension plans. This basically means bringing some or all of your old plans together into one single plan.
When your plans aren’t scattered across different providers, it can be much easier to keep track of what you have.
Combining can even help you cut down on admin and paperwork, as you won’t need to update as many providers when you need to change things like your personal details.
4. And take advantage of online services to help you keep track of your pension online and on the go through an app
Combining pensions will not be right for everyone. You will need to consider all the facts and decide if it's right for you.
Money invested is at risk.
