Consolidating Your Wealth

Holding multiple investment accounts not only means they’re hard to keep track of but the administration can be a daunting task…

Did you know that UK workers have lost track of up to 1.6 million workplace pension pots, according to the latest estimates. A lack of understanding of how to manage pension savings could result in many people being substantially worse off in retirement. Failure to keep tabs on old workplace pensions has led to billions of pounds worth of savings being misplaced or forgotten about, according to The Association of British Insurers (ABI). The ABI estimates put the figure at around £19.4 billion, comprising 1.6 million pots with an average size of £13,000.

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Pension pots can be ‘lost’ when an employee moves jobs and ends their membership of that particular workplace pension scheme. Pots can usually be transferred to their new workplace pension scheme, but in many cases, workers neglect to do this and simply leave the money where it is. There is nothing wrong with doing this, as the pot is still in their name and they can still access it from the age of 55. This is sometimes known as a ‘frozen pension’. But problems can arise in the future, particularly if the person moves home without notifying the pension provider. Without the reminder of regular annual statements, they may forget about that pension pot altogether. Moving home is the most common cause of pensions being forgotten, but there are others – including the death of the holder, leaving their partner or beneficiaries unaware that the pensions exist.

Another problem of having inactive pension pots lying around is that – even if the holder knows they exist – they may be languishing in underperforming schemes. This can result in the holder missing out on potential growth over time.

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Our Financial Planners can review, assess and guide when consolidating assets ensuring there’s no loss of valuable guarantees.
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