With retirement on the horizon, you will need to determine how much income you will receive from your pensions, including workplace, personal plans and state pensions. Recent research by NOW: Pensions, shows that a quarter of over 55s have four or more pension pots and over a third of the people who participated in the research are unaware of where all their pension pots are.
Those facing retirement will have to deal with the challenging task of tracking and consolidating their pension pots, or converting all of their pensions into separate retirement products. With workers changing jobs more regularity and automatic enrolment now in place, keeping track of pension savings has never been more important.
To reduce the problem many over 55s are now facing, the Government has introduced their Pension Tracing Service, which can help people who are trying to track down their pension benefits. The free service supports you through the application process and helps you obtain the facts relating to your lost pension pots.