Pensions

Out of sight, out of mind..

When most of us think back to previous jobs we’ve held, we picture the type of work we did, what the boss was like and the friends we made. However, what may have slipped our mind is the likelihood we were paying into some form of pension.

October research by the Pensions Policy Institute (https://www.pensionspolicyinstitute.org.uk) has found there are 2.8million missing pension pots in the UK. That is, pensions that people have forgotten they paid into at some point. The research estimates the collective value of these missing pensions is a considerable £26.6billion.

If you had previous jobs where you paid into a pension, these forgotten pots of money could add up to a decent amount – and boost your prospects in retirement. So, its worth having a think and help is at hand, with the government operating a pension tracing service at www.gov.uk/find-pension-contact-details

Alternatively, if you would like some help looking into this, please do get in touch and let Affinity Financial Advisors Ltd do the research for you.

Affinity Financial Advisors Ltd, High House, Harlington Rd, Uxbridge UB8 3HX   

T  |  01895 810 134  E  | enquiries@ifa-affinity.co.uk

*A pension is a long-term investment. The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Pension income could also be affected by interest rates at the time benefits are taken. Accessing pension benefits early may impact on levels of retirement income and your entitlement to certain means tested benefits. Accessing pension benefits is not suitable for everyone. You should seek advice to understand your options at retirement.

*The value of your investment can go down as well as up and you may not get back the full amount invested. Investments do not include the same security of capital which is afforded with a deposit account. 

 

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