With the UK workforce no longer having jobs for life, it is becoming increasingly common for workers to build up several different pensions with different employers over their working lives.
These workplace pensions coupled with any personal pensions workers may have set up and subsequently lost interest in; make the risk of people forgetting all about one or more of their pension pots a real danger.
Some commentators have suggested pension pots should move with the worker when they change job. In many cases this would lead to pensions being transferred to unsuitable schemes on a daily basis and key benefits being lost. In many cases the damage this could cause to someone’s pension could ruin their retirement plans.
It is imperative to take advice from an independent financial adviser before moving any pension pot from one pension scheme to another.
It is also crucially important to keep a record of all your pension pots, reviewing them regularly.
Farrell Financial Planning offers a full pension planning service. Contact us today to discover how our expert financial advice can ensure you keep your pension planning on track.