Assignment Task The days of having that one job for life within the same sector, same company and same building have in recent years disappeared. With rising number of redundancies a
Assignment Task
The days of having that one job for life within the same sector, same company and same building have in recent years disappeared. With rising number of redundancies and individuals choosing to start new careers, re-train or follow their dreams and quit that 9-5 life to start their own business.
On average, around 9% of people changed jobs each year between 2000 and 2018.
and it’s been estimated that people have an average of 11 jobs during their working life. That’s potentially 11 pots to arrange.
Take a second to reflect on how many jobs you’ve held in your own lifetime and what you did with your own pension pot?
With auto enrolment in place since 2012, many individuals who previously never had pensions pots have been enrolled in pension schemes. ( With a minimum 3% contributions from your employer, and a commitment to pay in 5% of your salary yourself, it makes sense
The Association of British Insurers (ABI) estimates that more than 1.6 million pension pots worth £19.4bn are lost – the equivalent of £13,000 per plan. You could therefore currently be disadvantaged not knowing the value of your pension pot, where it is invested, charges you are paying or using it to build a strategy towards your perfect retirement The Government are looking at fixing these issues with a new dashboard tool for public use to see all your pensions including your state pension in one place.
In this article I’ll be sharing the exciting news of the dashboard, what to expect and some hints and tips if you want to act sooner than later
You have the option to chase your previous employers to find those missing pots. The Pension Tracing service is a government tool to help you locate all those pots from previous employers. Whilst it won’t tell you whether you have a pension or its value, it can provide you with some real useful tools to start locating those unclaimed pots. Launched in 2016, it provides an excellent and free service to start the journey of tracking down those old pension’s pots. With more than 320,000 pension scheme details you might just be in luck locating that missing pot
However please bear in mind the following restrictions:
- Its only available for workplace and personal pensions.
- Its purpose is to provide contact details only.
- The site will provide template letters for you to use
Question
1. Well, I’ve found my pension pots what next?
2. What if my previous employer is no longer around?
3. When can I access the pension dashboard?
4. What’s the latest update?
5. How many people found it useful? Success rate
6. How simple it is use?
7. What information is required to do it?