Retirement planning is becoming a bigger and bigger financial concern for many of us.
It's becoming increasingly unlikely that the State Pension will be able to provide anything more than a subsistence allowance – hardly the reward you want after a long working life.
While you may have one or more personal pensions, it's staggering how many people think that this in itself is enough. It may be that some don't know that you can do a pension review and switch from poorly performing plans. It could be that they've lost track of an older plan altogether.
The average UK worker is going to pass through the books of several employers during the course of their working life. With the best of intentions, they may have started a new pension with each employer. Now, with employees being automatically enrolled into a pension, they may have even more pension savings plans.
But when they move on to pastures new, they forget about their old pot, or perhaps don't know that they can transfer their pension with them. So the old plan gets left behind, still growing maybe – but not as productive as it could be.
Over 40+ years of work you might accumulate one, two, three or even more neglected pensions that could all be doing better for you.
The decision to transfer pensions is a complex one which can have a major impact on retirement benefits. We strongly recommend taking advice from a qualified financial adviser.
Retirement should be your chance to take the foot off the pedal a bit. It should be an opportunity to relax and spend more time doing the things you like doing.
But unfortunately it's not that simple. In order to enjoy that idyllic stage of life, you're going to need to do some careful retirement planning.
The earlier you start, the easier it is. And the closer you keep an eye on your pension, the better.
See a qualified pensions adviser who will be able to help you sort out your pensions. You will have to pay a fee, but it will probably be worth it to get a better retirement income.
Find an old pension – contact the Pensions Tracing Service on 0845 600 2537
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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