Sumary of I’ve lost my company pension! This simple mistake will destroy your retirement:
- Too many employees fail to to keep track of their old company pensions and pay a high price when they reach retirement.
- Employees retain full rights to their company pension after moving job, but it is your responsibility to keep track of your pot.
- As much as £113billion worth of pension savings could go astray, as a result of the post-Covid “Great Resignation”, according to new research from online pension provider PensionBee.
- Although it is possible to consolidate all your workplace and personal pensions into a single pot, almost seven in 10 put off doing so because they are worried about the complexity involved, said PensionBee chief executive Romi Savova.
- £100,000 in your pension pot buys this retirement incomeOnly one in six feel certain they are making the right plans for their workplace pensions, Savova said.
- That would mean eight different pension schemes and Savova called on pension companies to remove barriers to consolidation such as jargon and paperwork, and simplify pensions using digital technology.