Pensions & Investments: How To Keep Track!

“Many are building up numerous pensions while being disengaged with details such as how much they’re worth and where the money is invested,” says the Head of Global Savings Policy at Standard Life, Aberdeen.

With the introduction (and enforcement) of Workplace Pensions by the Government, workers naturally build up new pension funds at each job.

The auto-enrolment scheme, launched in 2012, legally obliges employers to give staff aged 22 and over, who earn more than £10,000 a year, a workplace pension.

By the time pensions become important (retirement), many people have often forgotten about them.

Every pension provider is obliged to send scheme members an annual statement, so go through yours to see what is stuffed away.

If you have recently moved to a new house or you will be moving to a new house, you must write to all schemes you hold and advise them of your new contact details.

You can also get help from the government-backed Pension Tracing Service or by calling 0800 731 0193.

Some Useful Tips…

Keeping on top of your pensions and investments can be a lot easier if they are a few, or just in one, single place. Having multiple schemes with different providers increases your risk of forgetting.

Look through what you have and consider if you can consolidate them with a single service, without losing any value or benefits.

Streamline. Record. Review.

We have met with many clients who have no idea of a loved one, or family members pensions or investments. Details have not been recorded anywhere, or if they have, the surviving members are unaware.

Think how many people lose out on money they or their loved one (if after death) has earned; yes earned! When we lose someone, grief is an overwhelming emotion and if by recording key-investment or pension scheme details somewhere safe (and updating them as and when) can help by not adding additional stress, we should all do it. Simply detailing whom you have what scheme with, means you keep track, and in the event of your passing, family members can locate these easily.

We would also advise reviewing these pensions and investments, annually; to stay on top of everything.

How Do I Find Lost Pensions?

If you are trying to find out about workplace pensions, you’ll need the name of the employer or the scheme, and the dates you worked for them.

Try searching online for an address and/or contact details. Once you have a phone number or address, get in touch and ask for contact details of the administrator.

If it’s a personal pension, try to find any old paperwork that may give you an idea of where or who your money is with.

Don’t panic too much if you can’t find any paperwork, you can try the government’s Pension Tracing Service.

It will search over 200,000 schemes and supply contact details of companies you might have a pension with. You can then call the company concerned and get them to unearth your forgotten pots.

Maximise your income & protect your wealth!

MT Legal Services will ensure that your money, your property and your Will are all structured to manage any inheritance issues that may arise. We can also provide support for claimants who are having issues with inheritance tax. Please contact us for your FREE consultation.