Why you could have more savings than you think

There’s nothing that beats finding an extra fiver in the pocket of a jacket you haven’t worn for ages, is there?

It’s the ultimate little victory in life. The money had been there all along. You had simply forgotten about it. So how would you feel if you found out, you could experience the same with the pensions that you may have forgotten about?

Today, people tend to have more jobs in their lifetime than ever before, as recent statistics show.

That means you could have more than one pension.

And more pensions could mean more savings for your future, as long as they don’t remain lost in one of life’s pockets.

More jobs, more pensions

According to CV Library, 31.7% of professionals expect to have more than 10 jobs in their lifetime.¹

For every one of those professionals, it’s likely they will have a pension attached to every job they have.

It works like this.

Thanks to automatic enrolment, when you have a job you should also have a pension which you and your employer contribute to. Unless you choose to opt out of it, of course.

So, what tends to happen is, once someone leaves a job they end up leaving behind the pension attached to it. They start their new job and get automatically enrolled into a new pension.

And it seems those who graduated in 2008 will have had the most experience when it comes to changing roles. By the age of 32, these employees will have already had four jobs.²

Further still, there is an apparent generational divide between those aged 55 to 64 and those age between 23 and 38. Employees aged 55 to 64 have an average tenure of 10.4 years with a company.

Yet, those aged between 23 and 38 have an average period of just three years, suggesting that the millennial generation accumulate more pensions than any other age group.³

So, the question is, wouldn’t you like to know if you have more pots and more importantly, if they are worth thousands?

Just imagine the feeling of finding a lost fiver in your pocket. That feeling could be magnified a thousand times or maybe much more, if you learnt that you have more savings than you thought.

There’s no doubt that discovering a lost pension can be another victory in life. Yet, having multiple separate pots isn’t the most efficient way of ensuring that your money will grow.

There’s a possibility that a lost pension might not be performing as well as it could and if it also has high charges attached, it could be losing value.

And that could make a huge difference to the things you want to do in the future.

More pensions, more savings?

Through a pension check, not only can it unearth any forgotten pots, it could also help you to enjoy the benefits of a low charging, highly efficient pension.

And it’s easy to get started.

As pension specialists, we know there’s a lot of work to ensure that your pension is doing the best that it can for you. That’s why, with our knowledge and experience, we do all the hard graft for you.

We can let you know in plain English:

• How your current pension is doing and if you have any lost pensions out there
• Whether there is a better scheme out there for you
• How much better off you could be by switching to a new scheme
• How much it would cost to switch pensions if that’s what you decided to do.

We offer a no obligation pension check. It won’t cost you a penny for us to complete an initial investigation of your retirement savings.

¹Onrec, Hopping mad! Professionals believe job hopping is becoming more acceptable. Online, 1 August 2017.
² Agency Central, Does job hopping harm your career as much as you think? Online, 2017
³ Agency Central, Does job hopping harm your career as much as you think? Online, 2017

Taking pension money early is not right for everyone as it will leave you worse off in retirement. Also, tax treatment depends on your circumstances and is subject to change. That’s why it makes sense to get help from a regulated specialist.