More than four in five workers don’t know where all their pension pots are, according to pension tracking company Raindrop.
This comes after the recent revelation that £31.1 billion is sitting in secret pension pots, according to the Pension Policy Institute.
Finding their missing retirement savings can be even more difficult for the 19 percent of workers who worry they won’t have enough money for retirement, Raindrop said.
According to the Pension and Lifetime Savings Association (PLSA) a single person needs £43,100 a year to retire comfortably, but the cost of renting is low – something like replacing a car every seven years and fortnight out – £31,300 per annum.
For your total pot, that means £490,000 for a low rent and £790,000 for a good one. Suppose you want to convert your pension into an annuity for a guaranteed annuity.
The rising cost of retirement will force many to work longer with seven million saying they will have to delay their retirement plans due to financial constraints.
Finding: Finding their missing retirement savings is a top priority for 19 percent of workers who worry they won’t have enough money for retirement.
According to Vivan Shridharani, founder of Raindrop: ‘Millions of carers have lost pension pots which are putting their retirements in jeopardy.
‘Finding early retirement pots is the first step for investors to maximize their retirement income and increase the value of the pots they already have.’
To find missing pensions, first list all the places you worked, and find out which pension provider they used.
You can do this by contacting your previous employers or by reviewing old documents.
Contact the pension provider to find your pension. You will need your National Insurance number, previous names and address (if they have changed), and details of how long you have worked for the company.
You can find contact details for pension schemes via the Government Pension Tracing Service website. See gov.uk/find-pension-contact-details.
Keep your information up to date as moving house or changing name – without notifying pension providers – is the most common way people lose their money.
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