Got an extra hour? Put it to good use and tidy up your pensions

When the clocks go back on Sunday 25 October, we all get an extra hour. Why not use a few minutes of it to get your pensions in order?

It’s National Pension Tracing Day, a timely reminder to check in on the pensions you’ve built up throughout your working life. If you’ve changed jobs over the years, you may have pensions with several different providers – and keeping track of them all can be tricky.

Don’t leave your old workplace pensions behind

Changing jobs often means leaving a workplace pension behind. Over time, you can end up with several pension pots, each managed by a different provider. You might know where some of them are, but do you have a clear picture of all your retirement savings?

It’s a common situation across the UK. An estimated 3.3 million pension pots are lost, with a combined value of around £31.1 billion. That’s an average of approximately £9,470 per pot.

You don’t have to spend your whole extra hour tracking down old pensions. Taking a few minutes to get started could help you understand what you’ve already saved and what you might need to do next.

Bring your old pensions together

Having pensions spread across different providers can make it harder to see the bigger picture. Bringing them together could make your retirement savings easier to manage and review, helping you understand what you have and how your pensions fit into your plans for the future.

That’s where Moneyfarm’s Find, Check & Transfer service can help.

We’ll help you find pensions you may have lost track of, check the details and, if transferring is right for you, bring eligible pensions together into a Moneyfarm Pension.

Find, Check & Transfer: how it works

1. Find your pensions

Share a few details about yourself and your previous employers, and we’ll help track down your old pensions.

2. Check what you’ve got

We’ll review the pensions we find, looking at their fees and any benefits they may include, so you can make a more informed decision about what to do next.

3. Transfer, if it’s right for you

If transferring makes sense for your circumstances, you can bring eligible pensions together into a Moneyfarm Pension. Having your pensions in one place can make it easier to keep track of your retirement savings.

A clearer picture of your retirement savings

You don’t need to sort everything out in one go. Start by gathering any pension paperwork you have, making a list of your previous employers and checking whether you have pensions with different providers.

If you’re not sure where to begin, our Find, Check & Transfer service can help you take the next step.

This National Pension Tracing Day, make the most of your extra hour. A few minutes spent getting your pensions in order could help you build a clearer picture of your retirement savings – and make it easier to plan for the future.

Please remember that when investing, your capital is at risk. The value of your portfolio with Moneyfarm can go down as well as up and you may get back less than you invest. Past performance is not a reliable indicator of future performance. Tax treatment depends on your individual circumstances and may be subject to change in the future. The views expressed here should not be taken as a recommendation, tax advice or forecast. If you are unsure investing is the right choice for you, please seek financial advice.