On the trail of lost pensions

Reader's Digest Editors

Do you know where all your pensions are? It is easy to lose track, as for many of us - retirement is no longer about simply relaxing after many decades of hard work with just one employer

The average worker in the UK changes jobs every five years. In the past, the norm for many people was to leave school or university and embark on a career for life with the same employer. Changing lifestyles and shifting attitudes towards work have meant that many people find themselves getting itchy feet after just a few years in the same job.

Almost a quarter of employed people are currently looking for new roles. This professional promiscuity can have significant knock-on effects. For example, it has been estimated that every year job changes result in millions of pounds being lost in unclaimed pension savings.

Since 2012, all employers in the UK have been legally obliged to provide a workplace pension scheme to their employees. Regular job-hopping can leave a trail of forgotten workplace savings schemes and pension pots in many people’s wake. It’s easy to lose track of the pension schemes you’re involved with, let alone how much they might be worth.

A recent survey has found that 40 per cent of people with one or more pension products are unaware of the value of their pensions. The best solution for this is to seek professional independent fi nancial advice from a specialist adviser. Speaking to a Flying Colours adviser could help you to untangle the web of untraced pensions that you may have accumulated over the course of your career. And, help you to make the most of the benefi ts to which you are entitled.

FOR MORE INFORMATION

Reader’s Digest has partnered with trusted pension and investment experts Flying Colours to provide you with the information you need to identify which option is best for you and help you plan successfully for retirement, or make the best choices once you get there. You can call our pension experts on 0333 241 9919. We’ll only ever recommend the best pension investment approach to suit your circumstances at the best possible cost and we o er a no-cost, no-obligation exploratory meeting at a venue convenient to you, including your own home.