Pension Consolidation Adviser in Cambridge
During your working life, on average, people move every seven years. This means you could end up with 5 or 6 different pensions to keep track of.
There is currently over £31 billion in unclaimed pension pots in the UK.
There is £31.1 billion lying in unclaimed, inactive, or lost pension pots, according to new research published ahead of this Sunday’s National Pension Tracing Day October 2024.
The value of these pension pots has risen by 60% (£12 billion) since 2018. This is 3.3 million individual pension pots with an average value of approximately £9,500.
The study carried out by the Pensions Policy Institute (PPI), sponsored by the Pension Attention Campaign, shows savers across the UK are in danger of missing out on their own money.
These lost pensions, which are now worth an average of £9,470 – rising to £13,620 amongst the aged 55–75 cohort – could make a real difference to people’s retirement if they were reunited with their owners.
Therefore, if you have changed employer several times during your working life, there’s a risk that some of your pension pots go unclaimed. Further, when you move home or your circumstances change it means you have to inform several different pension providers.
Wouldn’t it be much easier to just have to inform just one? Therefore, consolidating your pension in to one pot can make a lot of sense.
The options include transferring previous employers’ pensions in to your current workplace pension, OR if you are self-employed, or take a more active interest in how your money is invested, you may prefer to set up a private pension over which you have more control and use that as your pension consolidation vehicle. Contact us to find out more.
We guarantee to help you make the right decisions
There may also be other implications to consider. For example, the death benefits, Inheritance Tax, safe-guarded rights and entitlements to state benefits and long term care planning, to name a few.
Each and every person with a pension scheme will need to review their options accordingly, and if you’re thinking of consolidating a pension pot worth £30,000 or more, you should seek professional advice.
Although it should be simple, it’s usually not. Therefore, don’t risk it and talk to us. We guarantee to help you make the right decisions about securing your financial future.