Even if you have tried keeping track of your multiple pension plans in the past, you may still be unsure how many small pension pots have been started in your name by a company you once worked for.
If you do have multiple pensions set up automatically from different past employers, it will be well worth finding out what they are worth and how they are performing. Doing so can help you optimise your medium to long-term capital growth over the next 15-25 years, and it is easier than ever with the modern pension tracing service.
CAN YOU HAVE MULTIPLE PENSIONS?
It is perfectly possible to have multiple small pension pots, and it is actually quite likely for anyone who has ever progressed their career by moving from one company to another for a raise or improved role. Even somebody just starting their first time pension right now is unlikely to stay in the same job until retirement, and thus will eventually accrue multiple small pension pots over the course of their life and career.
A pension provider can always advise you as to the likelihood of you having multiple small pension pots, so seek out pension advice in Derby with a local provider.
HOW TO FIND MY MULTIPLE SMALL PENSION POTS
Finding all of your multiple small pension pots can be simple using the government’s pension tracing service, which is available online, by phone, or post. You will need to provide certain information in order for the service to be able to trace your pensions, with the names of your previous employers or pension schemes required as a minimum just to get started.
Also provide information such as the type of business that your employer operated, as well as its address and any change of addresses. It will also help the pension tracing service to inform it of the exact dates when you belonged to the scheme.
To help the service be as efficient as possible, you should also provide any alternative names that the employer or your previous scheme may have had.
If you do not have all of this information, then you should still be able to use the pension tracing service as knowing the names of past employers should be enough to discover what services and providers they use for employee pensions.
AUTOMATIC PENSION SCANNING TOOLS
There are also other tools you can use to identify the multiple small pension pots you have acquired over the years. One of the most popular is Gretel, which scans pension systems automatically to identify any scheme connected to the information you provide it with. However, these automated pension scanning tools tend not to be as reliable as doing it yourself, which is also generally quicker and easier.
If you have multiple small pension pots or even if you have a first time pension, download the 10 Point Financial Checklist to ensure your finances are secure and ready for anything that comes your way.
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