Confidently Determine how many Pension Funds are in your Portfolio
Posted on 5th March 2024 at 15:09
Can you confidently determine how many pension funds are in your portfolio?
Have you thought about tracking your old pensions?
It is a worrying thought to lose track of your pensions as you’re approaching retirement, especially if some of those pots are worth a considerable amount of money and would have a huge impact on your financial future.
The fact is an incredible number of people lose touch with their pensions as time goes on. Everybody knows that when you move house you inform your bank, and we do this almost instantly. So why is it that when we move from one job to another managing our workplace pensions is so far down our priority list that we almost completely forget about it?
Ensuring that all your pensions are in order throughout your working life will help you start your retirement journey with confidence. Do your pensions need some attention? New Vision can complete a full pension review, plus provide potential recommendations to ensure your pots are all performing in the best way possible ready for your retirement.
What does your pension income look like?
According to the Pensions Policy Institute (PPI), the average proportion of pensioner income paid from state and private pension is now at 50/50.
This trend shows now and in the future the importance of having all your pension income. You simply can’t afford to lose sight of pots along your life’s journey.
You can download the full Pension Facts 2023 table by following this link;
What can I do to get back on track with my pension plan?
Well, a good place to start is speaking to your previous employers, they could have the details you need. Or get in touch with the Money and Pensions Service (MaPS) for further assistance.
New Vision can also support you in tracking down and reclaiming any lost pension pots.
Tracking down your pensions doesn’t have to be a time-consuming task. The benefits can be very tangible and can have significant impacts on your retirement income. It may be the key that helps you to unlock a more comfortable financial future, or you may even be able to retire earlier than you originally planned.
Alternatively, it could empower you to take charge of your overall financial situation and make your money work harder for you.
How can I make my pension pots work harder?
One example is that you might have still been paying for an expensive pension provider to manage a pension pot of yours that you had forgotten about, but now you're able to switch to a provider with lower or no charges, thereby saving considerable sums of money.
Or perhaps you might be encouraged to check your wider investment choices, as the money in your newly recovered pension pot could reveal new options and opportunities for you, and make you look again at your financial and lifestyle goals.
Should you have any questions about reclaiming lost pension pots or deciding what to do with schemes you’ve forgotten all about, please do get in touch with the team here at New Vision, and we’ll be happy to help and discuss your options.
If you would like to find out additional information please do contact us. Also, make sure you are following us on Facebook and Instagram to stay up to date with our latest news and views.
Tagged as: Cheshire, financial advice, Financial Planning, Goals, IFA, Pension, Pension Pots, Retirement, Retirement Planning, Wealth Management
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