Regular updates and statements on your pension are essential. Your scheme provider should provide these, along with a website where you can login to track your pot’s performance and ensure that you’re on track to meet your retirement goals.
Some individuals who work for large companies or in the public sector may have a different type of pension known as a defined benefit scheme. The current value of this scheme depends on various factors, including your length of employment, salary, and retirement age. Regular updates on the amount saved should also be provided.
If you’re unsure about the contents of your pension pot, your provider can give you the necessary information. If you can’t remember your provider or have lost track of multiple pension pots, there are methods for locating them.
Most people no longer have lifetime employment, resulting in an average of 11 pension pots accumulated throughout their careers. Each job or employer typically offers their own pension scheme, making it challenging to keep track of providers and performance.
Watch out for mail or emails from your providers, as they will contain information about who your pension funds are invested with.
The government’s Pension Tracing Service can help you find lost pension pots if you have the company name or the scheme’s administrator.
If you want to manage your retirement pot in one place, it might be beneficial to consolidate all of your pensions. Services like PensionBee or Profile Pensions can assist you with this, or you can transfer your funds to your most recent provider.
Alternatively, you can set up a self-invested personal pension (Sipp) with a financial adviser or on a DIY investment platform.
Pension Dashboards, which are being developed by the government and providers, will allow savers to view the size of their pension pot in one location. However, all schemes are required to be connected to these dashboards by 2026, so it may take some time before they are available for use.
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