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Historically people’s careers would often consist of working in just one or two roles within the same company or public sector organisation. In terms of retirement planning, this norm simplified matters significantly, as pension savings were held by one or perhaps two schemes.
Just by simply clicking on someone’s LinkedIn, it’s not difficult to observe that people’s careers are often now far more transient, with many people working at multiple organisations before their 30th birthday. The average person now will hold 11 jobs in their career, with that number continuously rising. The result of this? Many people holding pension savings with multiple schemes.
Holding a number of separate pensions complicates matters when it comes to eventually drawing down. You can be forgiven for not keeping your various pension schemes up to date with your latest address (which for the average person changes 7 times). When it comes to drawing down from your various pensions, gathering all of the information you need can be a time-consuming task.
Research conducted by Profile Pensions estimated that there is a total of £37 billion in unclaimed pensions held by various schemes. The research also claimed that the average person could be missing out on £23,000 as a result!*
It’s quite simple. Our team of highly qualified advisors specialise in tracking down pensions from your student job at Tesco, to your 10-year stint at BAE Systems, no matter how many jobs you’ve held in the UK, our team can assist in locating your pensions and educating you on your options moving forward.
deVere regularly assists clients in this situation. If it is a suitable solution, clients who qualify for advice are able to consolidate various pensions into one singular pension pot known as a Self-Invested Personal Pension (SIPP) which can be managed and invested securely and competitively.
The vast majority of people we speak to agree they should know more about their UK pension. If that’s you too, and you’d like to find out more information and the options available to you, click here, to arrange a call with a UK pension specialist.
* https://www.profilepensions.co.uk/infographic/lost-pension-treasures/ Accessed 23-02-2020