Tidying up Your Pension Pots

By David Porter, Financial Planning Consultant

THE days of people working their whole career for just one employer are almost a thing of the past - most people will now work for several different employers during their working lives. As a result, they will often end up with several pension pots of varying sizes, types and with different providers which can be confusing. So how do you know what to do with these different pots when you’re looking to retire?

It’s possible to lose track of these completely and it’s estimated that in the UK there is £400 million in unclaimed pension pots, one or more of which could be yours.

Even when you’ve tracked down all your schemes, pulled the information together and contacted the various providers, it isn’t always clear what your options may be. It could be even less clear what may be the right thing to do with them.

If you’re not fully aware of the options you have available it can be difficult to know exactly what to do, so it’s not something that you should rush into.

Care is required when deciding upon your retirement options as the choices you make can have an impact for the rest of your life, so for many people professional advice can be the key to ensuring that you make a decision from a fully informed position.

It’s also important to be clear about what your retirement spending plans are, as without care your money may not last as long as you need it to.

Since the introduction of the so called ‘Pension Freedoms’ in April 2015, a pension can be far more flexible than it was previously, by offering you full access to your funds as and when required.

Unfortunately, many older style arrangements do not offer this option, so you should seek professional advice from a fully qualified and regulated adviser to ensure that your options are maximised.

For impartial, independent advice, please contact me to discuss your retirement needs and to review your existing arrangements on 01756 620000 or email david.porter@armstrongwatson.co.uk.