There are about 1.6 million lost pension pots in the UK worth over £19.4 billion. The ABI (Association of British Insurers) says that pensions often get mislaid when people move house and fail to tell their pension scheme provider. Tracking down lost pensions is certainly worthwhile as it will give you a clear view of your financial position when you are looking to retire.
Once found, you will need to decide whether your investment is doing well or whether you need to move your pension elsewhere. If your current provider charges high fees or your money has been poorly invested you may decide it would be better to move to another provider and you may wish to consider consolidating all of your pension pots. Together with lowering fees, you will also gain control of how your money is invested, often providing you with more choice and flexibility.
However, transferring to a new scheme may not be the best solution if you lose any valuable guarantees or benefits. Also you should be careful of any exit fees that could make it too expensive to move. Therefore it is really essential that you are clear about both the advantages and disadvantages of moving from any of your existing pension providers.
Should you need help with your future pension planning and whether consolidating your pension pots is the right route for you, please contact us today for a Free Initial Consultation.