sm124 - Flipbook - Page 12
Retirement
Do you have multiple pension
pots to keep track of?
When leaving a job, how to stay updated on your retirement savings
Changing jobs often signals the start of an exciting new chapter,
bringing fresh opportunities, new challenges and often a higher salary.
However, amidst all this change, it’s easy to overlook certain details, such as
your old pension, especially since new employers usually auto-enrol you into
a new pension scheme.
ith over 3.3 million pension
W
Once you identify these old pots, consolidation
For those without such an option, considering a
personal pension plan could be a practical solution.
By remaining consistent with contributions, even
during transitional periods, you will ensure your
retirement savings stay on course. t
allowing you to focus on a single account. However,
Is it time you built
a clearer financial roadmap
for your retirement?
UK workers (23%) planning to leave their jobs in
the decision depends on individual circumstances,
It is essential to keep track of your
2025[2], it is crucial to stay informed about your
and important bene昀椀ts might be lost during the
pensions to optimise savings for a
retirement savings and understand the steps to take
transfer process.
comfortable retirement. Need guidance?
pots, each averaging £9,470[1],
could simplify the management of your retirement
believed to be ‘lost’ in the
savings by reducing administrative tasks and
UK, and nearly a quarter of
after changing employment.
Contact us to explore your options and
SHOULD YOU
WHAT HAPPENS TO YOUR
CONSOLIDATE YOUR PENSIONS?
PENSION WHEN YOU LEAVE A JOB?
Before consolidating pensions, assess both the
When you leave a job, your investments stay in place.
advantages and possible drawbacks. On the positive
However, both your contributions and those from your
side, merging pensions could lower fees, make
employer cease. While your savings can still grow
retirement savings simpler, and provide clearer
through investment, ongoing charges on the account
insight into your progress towards retirement goals.
may gradually decrease its value if not monitored.
However, some older pension schemes provide
It’s important to notify your pension provider
unique bene昀椀ts, such as guaranteed income
of any changes to your personal email or home
options, higher growth rates or early retirement
address, particularly if your work emails are
terms. These could be lost if transferred, so
deactivated. Updating your contact details regularly
research your speci昀椀c plans carefully to ensure that
helps you stay informed about your savings and
consolidation is the right decision for you.
prevents losing contact with your funds.
WHAT TO DO IF
TRACKING DOWN OLD PENSIONS
YOU’RE IN BETWEEN PENSIONS
If you’ve had several jobs, it can be di昀케cult to keep
If you’re taking a career break, changing jobs or
track of your di昀昀erent pension pots. You may not
working in a role that doesn’t o昀昀er an immediate
immediately know where all your savings are held,
workplace pension, it’s still important to manage
but tools are available to assist you. A pension
your retirement savings. You might still be able to
tracing service can help locate any lost pensions
contribute to your existing pension, depending on
using details from previous employers.
your provider.
Published by Goldmine Media Limited
Goldmine Media Limited, 124 City Road, London EC1V 2NX.
Articles are copyright protected by Goldmine Media Limited 2025. Unauthorised duplication or distribution is strictly forbidden.
create a clear 昀椀nancial plan.
Source data:
[1] https://www.plsa.co.uk/News/Article/Britsmissing-31-1bn-in-unclaimed-pension-pots
[2] https://www.personneltoday.com/hr/attritionrates-2025-uk-culture-amp/
This article does not constitute tax, legal or 昀椀nancial
advice and should not be relied upon as such. Tax
treatment depends on the individual circumstances of
each client and may be subject to change in the future. For
guidance, seek professional advice.
A pension is a long-term investment not normally
accessible until age 55 (57 from april 2028 unless the
plan has a protected pension age). The value of your
investments (and any income from them) can go down
as well as up, which would have an impact on the level of
pension bene昀椀ts available.
