What do I do with a lost pension?
According to the Pension Tracing Service, there are over £5 billion sitting in unclaimed pensions. If you have lost track of, or have not claimed a previous pension you held you could be missing out on an important chunk of your retirement nest-egg. The good news is that there is something you can do about it.
You can locate a lost pension by using an online tool at the Pensions Tracing Service which will give you the contact details of pension providers, so you can track them down and find your savings.
You can also use the Government’s free pension tracing service which now receives 40,000 requests every week.
You will need details such as your full name, home address and other information, such as a National Insurance number, phone number and email address when you contact the Pensions Tracing Service.
There may be costs associated with consolidating pensions so you may wish to seek financial advice to ensure none of the individual scheme benefits are affected.
If you’re a qualifying member of The Nottingham you will have access to a no obligation first appointment with a Wren Sterling adviser with no fee to pay for you, the customer. You will also receive exclusive access to independent and personal financial advice from Wren Sterling who are authorised and regulated by the Financial Conduct Authority (FCA). Wren Sterling can recommend the most suitable products to suit your needs.
Financial adviser David Yates, from our partner Wren Sterling, said on the matter:
"When you stop working for an employer, if you have a company pension scheme this is usually deferred until you choose to draw the pension. The earliest you can do this is 55 years old. Even if you have not reached 55 years old it is possible to review your pensions to ensure things are positioned the best way possible for when you do come to retire. Often people accumulate several pensions over the course of their working life and it can be difficult to know what to do with them. As financial advisers we can help simplify things by looking at each pension and deciding the best way to position things moving forward.”
Two top tips to finish on would be that The Pensions Advisory Service recommends keeping all your pensions paperwork in one place. And, don’t forget that you should also tell your previous pension scheme administrator about any changes of address.
Remember, accessing pension benefits early may impact on levels of retirement income and your entitlement to certain means tested benefits. Accessing pension benefits is not suitable for everyone. You should seek advice to understand your options at retirement. And finally, the value of an investment and income derived from it can go down as well as up and is not guaranteed.
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