How do you keep track of your pension funds? Do you bother?
The old days of having a job for life are long gone for most, and the chances of an individual having a few jobs during their working life is not unusual. And, correspondingly, it's not uncommon to have the same number of pension funds lying around from the past. Now, before you switch off at the sight of the word 'pension', bear with us, because we also mean wealth and there is more on this later. Don't feel alone in this 'don't know what you're talking about' situation, there are many thousands who are in the same boat and the Government had consulted on an all-inclusive, free dashboard to bring all your pension information into one place, adding on the State Pension you might be due. This system was likely to have been based on your National Insurance Number, which should be linked to your pension accounts.
At the time of tapping out this Insight, it's disappointing to note that the Government has pulled back a bit from this consultation, still supporting the concept, but asking the industry to put it together and run it. There are questions now as to whether this useful addition to gathering pension information will happen, and we will wait to see.
With this news now in the open, the inference is that in the meantime, it is down to the individual to keep control of their money and pension arrangements, and we would agree with this. Sure, you can use services like SaidSo.co.uk online to help gather your data and see what's what, but there is a cost, which can be found on this site.
If you simply want to just check for free that your State Pension is up to date (and remember, the State Pension rules changed in 2016), then have a look here: https://www.gov.uk/check-state-pension
There is also a good free Pension Tracing Service provided by the Government which may be able to help you if you have simply lost touch with your pensions and this can be found here: https://www.gov.uk/find-pension-contact-details
If you have just not had an update on your deferred pension of late, then you can write to the old provider for an update. This might be a sensible move anyway if you have moved or changed status, for example if you have married, entered a civil partnership or divorced.
We know that some shudder at the thought of pensions and prefer to save in other formats. Each to their own. Noting this, we created the SaidSo Wealth Dashboard App to help look at what your money could do in the future, whether it's held in savings, pensions or elsewhere. The link to our mobile App is on the main page.
These are just a few pointers as to what you might want to look at, or you can use the online financial planning service, SaidSo.co.uk to get your pensions in shape.