Almost £20 Billion in Pension Funds “Missing” in the UK
Are you one of the “one in three”?
It is difficult enough to save enough income to provide for a comfortable retirement, so it is surprising to learn that over a third of people in the UK may have lost track of some of the pension plans that they have set up during their working life.
That is the shocking conclusion of a recent report commissioned by pension app creator “MypensionID”. Similar research from the Association of British Insurers (ABI) further revealed an estimate of more than 1.6 Million pension pots currently sit dormant throughout the UK. This equates to a value of around £19.4 Billion.
Possibly the biggest investment of your life?
Are you confident that you have a good handle on all of your pension plan values and how much your combined plans are likely to provide for you during your retirement years?
The average person in the UK could have as many as 6 or more jobs during their working life, so the potential for losing track can be very real….and very costly.
Trace your missing pension plans
Thankfully there are some services available when you are trying to trace your “lost” pension plans.
Both the UK Government and the Money & Pensions Service websites offer facilities to assist pension plan holders find their lost pension pots.
While you are taking control of your pension planning, why not also check your state pension forecast using the Gov.uk facility.
Need a helping hand?
The award-winning team at our Wealth Management partners, Consulo Wealth Solutions, can help you to locate any “lost” plans, to make sure that you are not missing out on any of your hard-earned pension.
Using the Ascot Wealth Platform, they can then offer you easy and instant access to your combined pension funds, enabling you to organise and track your investments conveniently online using your phone, tablet or computer and get in touch with your financial adviser at any time.
Consulo can also help you to get the most from your investment by working with Discretionary Fund Manager, Cape Berkshire, who run 5 risk-adjusted, multi-asset portfolios, on a discretionary basis for Consulo clients. You will be able to have full confidence that whichever portfolio Consulo places your funds in, it will be focused on achieving your medium to long term objectives that have been set out with you by your financial adviser.
So, if you have a number of pension plans that you have collected over your working life and are looking towards retirement in the coming years, maybe now is the time to consolidate and review those plans, combine them to reduce costs and take advantage of professional fund management which is geared to your personal goals and objectives.
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