This does not constitute advice. Professional advice should be taken prior to acting on any part of it.
Dental and Medical Financial Services Limited is an appointed representative of Best Practice IFA Group Limited, which is authorised and regulated by the Financial Conduct Authority.
If you have ever switched jobs, you may find that you have multiple pensions. We know that life as a doctor can get busy and it can be easy to forget about old pensions, but it’s essential you keep track of all your pensions so you can be retirement ready. Find out how you can get your pension pot into shape.
No pension left behind
It can seem like a lot of work to keep track of or track down all of your pensions, but it’s worth it. According to research conducted by Opinium, one in six (16%) of UK adults have attempted to find a lost or forgotten pension, but only one in ten (9%) have been successful in doing so. Even during the most stable of financial climates it’s not wise to leave money behind, but it’s especially important in the midst of a cost-of-living crisis.
There’s money to be found
So, how much money can you actually earn from locating your lost pensions? On average, those who were able to track down their pensions found a total of £6,351. The majority (24%) of people were able to find pensions worth between £1,000 and £5,000, but nearly one in ten (8%) were able to find pensions worth over £20,000! That’s a lot of money to miss out on, so don’t let a little time and hard work get in the way of accessing it.
Avoid losing track of pensions
If you are in the early stages of your career, you can be proactive so you don’t lose track of your pensions in the future. Throughout your career, you could be enrolled in various pension schemes as you naturally change jobs. If you move house or your previous employer changes name, that’s another factor to complicate managing all your pensions.
To avoid losing track of your pension pots, here are a few things you can do:
- Keep your contact details updated – If your pension providers don’t have your up-to-date details they won’t be able to contact you with important information regarding your account. So, always inform your pension providers or old employers about any changes in your contact details.
- Use Government services – Knowing how hard it can be to keep track of pensions, the UK government has set up a service to help locate missing pensions. If you’re looking for the details of an old employer scheme, personal pension, or anything related to your pension schemes, the Pension Tracing Service can help.
- Keep all your payslips – It’s important to keep your old payslips (or have access to portals where this information can be found) because they contain much of the information you might need to reclaim your missing pension assets.
Do you need help tracking down your old pensions?
Keeping track of your pensions might seem like yet another thing you need to think about over the years, but it’s better not to wait until you’re close to retirement to bring them together. If you’re not sure where to start with your various pensions, or if you don’t have time to do it alone, the experts at Dental & Medical Financial Services are here for you. To learn more about your retirement options and how we can help, contact us today.
