Lost track of where you've been saving for retirement?

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Lost track of where you've been saving for retirement? Here are our four top tips on how to unlock hidden pension pots that could assist you in the years ahead:

1. Do a stock take

Lots of us have numerous savings accounts and pensions scattered about. To find out if they are, start by doing an inventory of all your assets and savings. Brainstorm everything you can think of – you could even draw a diagram. Be sure to include your house, any ISAs, current and old workplace or personal pensions, and things like Premium Bonds.

2. Track down lost pots

The government has a free pension tracing service that can help you track down pension pots you may have from previous jobs. Once you’ve found everything, look at where your money is invested. You may have a pension pot from ten years ago that was growing back then but is now dragging its feet. All of this can be costing you money.

3. Consider your cash

Look at any cash savings you’ve got. The interest rates on savings accounts with a commercial bank are linked to the main interest rate set by the Bank of England. This is currently at a record low of almost zero, which means cash savings are earning virtually nothing. Worse than that, your cash savings may be losing value over time because of the effects of inflation.

4. Mind the gap

As well as gathering information about your existing savings, check your entitlement to the State Pension. The State Pension is incredibly valuable (currently ￡9,100 for the 2020/21 tax year) and makes up the cornerstone of most people’s retirement income, so make sure you don’t miss out. You can check your National Insurance record on the government’s website.

For more information or help finding those lost pots, please do not hesitate to contact us.

The value of an investment with St. James's Place may fall as well as rise. You may get back less than the amount invested.

The Partner Practice is an Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority)

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