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Looking towards your retirement

David McManus

David McManus | Personal Tax Manager

Tuesday 4th Feb, 2020

Missing pensions

One in four adults under 55 are said to be at risk of losing their share of £37 billion in unclaimed pension funds. Research published last month suggested 1.6 million pensions are currently missing, with each pot worth £23,000.

For most people, the job for life no longer exists and younger workers change jobs more frequently than ever before. With more than 10m workers automatically enrolled into workplace pensions, you can see why the figures are so high.

Start looking for your missing pension

The Government’s Pension Tracing Service is designed to put you in touch with whoever administers your old pension plans.

This free service, which was launched in 2016, will not tell you if you have a pension with a provider or how much it may be worth. It will only give you a mode of getting in touch.

You should be able to find out how many pots you may have lost track of over the years – these can be workplace pensions or personal pensions. Remember to have your National Insurance Number to hand.

Keeping track

Going forward the simplest way of keeping an eye on any pension plans you have, particularly workplace pensions when you change jobs, is to notify your pension provider so they can easily contact you.

Beware of scams!

The Financial Conduct Authority estimated the average amount savers had been conned out of in 2018 stood at £82,000 – and that took pension savers 22 years to accumulate. The moral is only use an accredited and registered Financial or Pension Advisor. Avoid anyone you don’t know or who calls you unsolicited, promising to swap your existing pension plans for something better!

Planning for retirement

The earlier you start, the better chance you have of saving enough money to retire comfortably. You can also choose whether or not to adopt a hands-on approach in terms of how your pension funds are invested.

If you are in the know as far as investments go, make sure you achieve a balance between high and low-risk exposure.

Given that pensions can be extremely complex and in a constant state of flux, not to mention the tax and financial implications involved, it’s often best to seek advice from a professional.

If you are a limited company contractor and pay into a pension fund through your company please speak to your dedicated accounts team in the first instance. If you need specific pension advice we are happy to refer you to our independent Financial Services advisors, Haven Global Strategies Ltd. For more information on how Haven can help visit here.










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Related article - Year End Tax Guide 2019/20

As the end of the tax year approaches there are various rules, rates and allowances in place which if used effectively can ensure you are working in the most tax efficient way.

This is why we have created a Year End Tax Guide which covers the following topics from personal allowances and reliefs through to penalties and upcoming charges.

Read more here
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