Forgotten pensions could cost you a better retirement

Please note this blog post was published over 12 months ago and so may not include the most up-to-date information, for example where regulation around investing has changed.

Forgotten pensions could cost you a better retirement

Could you have money tucked away in Pensions you’ve forgotten about? The likelihood could be greater than you think, as people now have an average of 11 different jobs in their lifetime. It is estimated by 2050 there’ll be about £750 billion in dormant Pensions. That’s a lot of money being held in inactive pots and if you don’t know how many pensions you have or how they are performing, how will you know what type of retirement pot you could have?

Having multiple pensions makes it hard to keep track of your process towards retirement, monitor the fees you’re paying to multiple pots and track how each is performing. You may already have dormant pots from previous employers which you can start to take control of by consolidating these into one to protect these accounts from underperforming and racking up fees that could minimise your overall retirement pot. 

Finding your lost pensions

The first thing to think about is personal responsibility, the only way to know where your Pensions are, is to take a pro-active attitude. That means regular tracking and knowing where your money is invested.

We often lose track of our pensions when we change jobs or house and forget to update our personal details. If you don’t know the details of your previous schemes, you can contact your old employers or the Pension Tracing Service to find details of your providers.

When it comes to transferring, the more information you have the better, but don’t worry if you don’t, our dedicated team can help you find it.

Take control of your retirement plans

We make it easy for clients to keep track of their Personal Pension. Our app has everything yo need all in one place, so you can track your investments 24/7 from a range of devices. It is very difficult to monitor multiple Pensions, but with everything one in place you can have complete clarity on where your money is invested and how it is performing. Plus, with everything in one place, you can potentially save on multiple fees.

It only takes around ten minutes to give us the details we need to transfer, after which we do all the work for you. With True Potential Investor, you’ll benefit from our Fully-Managed Investment Portfolios, with our expert in-house investment team managing your investment. With access to 9,000 experts in 200 locations around the world, we use Advanced Diversification to maximise returns and reduce risk.

Do more with your money. Secure your future by making sure you have full view over the money invested towards your retirement.

With investing, your capital is at risk. Investments can fluctuate in value and you may get back less than you invest. Past performance is not a guide to future performance. Tax rules can change at any time. This blog is not personal financial advice.

Personal Finance