15.10.2024

Don't know how to track down lost pensions?

Don't know how to track down lost pensions?

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  • 79% of Brits are unaware of how to track down lost pensions, leading to an average belief of £13,303 sitting in around three 'lost' pension plans per adult.
  • Research shows that a staggering 79% of individuals do not know where to start in locating their lost pensions. The Pensions Policy Institute estimates that there are as many as 2.8 million unclaimed pension pots worth £26.6 billion in the UK, highlighting a significant issue.
  • Surprisingly, 29% of the population has no idea how many pension pots they possess, with 18% expressing unconcern as they believe there is ample time to address this later in life.
  • It's crucial to be proactive in managing your pensions to secure a comfortable retirement. Combining old pensions can streamline your retirement planning and ensure your savings are on the right path, emphasizing the importance of regular monitoring, not just as retirement approaches.
  • Moreover, the study unveils that only 15% of individuals automatically update their pension provider when changing addresses. This is a stark contrast to the proactive approach taken with other service providers, as 74% inform their bank, 62% notify their doctors, 51% update their local authority, and 50% inform their energy suppliers.
  • Effective pension management is key to securing your financial future.
  • Retirement Planning
  • Lost Pension Tracing
  • Group Pension Schemes
  • Financial Wellbeing
  • Pensions

I am an Independent Financial and Mortgage Adviser and have worked in Financial Services for over 12 years. During my career I gained experience in assisting both individual and corporate clients.…

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