According to recent government figures, a staggering £400 million currently sits in unclaimed pensions savings pots in the UK.
While the headline figure may be shocking, take a minute to ask yourself the following questions:
Who is my pension with? How big is my pension pot?
If you can’t answer one of these questions, you are one of the huge number of people in the UK who are in the dark about their pension – so what’s the best way to find out?
The new year provides a great opportunity for you to take some time and take stock of your savings investments. If you are nearing retirement age and have lost the details of your pension provider, set aside a small amount of time to reacquaint yourself with the details. It shouldn’t take you long and can save you and your family a lot of inconvenience down the line.
Planning ahead & further investments
Even if you aren’t nearing retirement, knowing how much money you have built up in your pension for later life enables you to plan ahead. You may need to make further investments in order to ensure your retirement is as comfortable as you would like it to be. Perhaps you’ll need to alter your retirement plans.
There are numerous alternative investments open to people nearing retirement age, who find that their pension pot isn’t as large as they had hoped it would be. Lifestyle mortgages, for example, have grown in popularity over recent years, enabling people to take advantage of the value locked in to their homes to free up funds during their retirement.
Whatever stage of your working life you are at, now is the time to take stock of your pension savings. There is no need to panic, but to give yourself the widest range of options – the sooner you get organised the better.
At E.L.M Legal Services we’re experts in helping you plan for the future. We can answer any queries you may have and advise you on how to ensure your wealth is taken care of in line with your wishes.