It is no longer the norm today to have a job for life. People change jobs more frequently and as a result end up with a number of pension pots. Unfortunately many people forget they still hold pension plans of previous employers. If this is you, it may be that you have got more than one pension pot you have paid into over your working life.

According to government figures, there is around £400 million in unclaimed pension savings. This is quite alarming when you consider that almost 60% of UK adults are concerned with making sure they will have enough in their pension pots to provide a reasonable income for their future retirement.

How do you trace old pension pots?

Whether you are currently in a pension scheme or have been in the past you should receive an annual statement which includes an estimate of your retirement income that your plan will generate. If you are not receiving these it may be you have moved address or the previous employer has stopped trading and placed your old pension with a “zombie fund”.

What can happen once I’ve found any forgotten pension plans?

You may be pleasantly surprised just how much a forgotten pension could boost your future income. It most likely needs to be reviewed to bring it up to date with the latest flexible “Pensions Freedom”.

What should I do now?

Once you have gathered all pension statements from previous employers and providers, it would be advisable to obtain an overall review of all pension pots by an independent pensions adviser. Bringing together all your pensions into one single plan allows you to concentrate on ensuring the best possible performance and most cost effective arrangement.

Please contact us on our Freefone number or by using the pensions enquiry button for independent pension advice; in addition we offer a pension tracing service.