How to track down lost pensions worth £1,000s
old workplace pensionsIn 2015, the fee that new pension schemes could charge was capped at 0.75%, but this cap did not apply to anyone who joined a scheme before this date.CASH INCombining all your old pensions into one newer pot with a lower fee could save you thousands of pounds, boosting your fund for when you come to retire.To give you an idea of the kinds of benefits you can get from consolidating, we obtained some figures showing four different-sized pensions.
For example, if you had a £10,000 pension and continued to keep the cash in a pension scheme charging a 1% fee, after 20 years you would have £22,225. "For example, if you are about to start taking an income from your pension, or you might want a pension that better matches your values."The most time-consuming part, if you have multiple pensions, could be tracking down your old pots.
There are some things to consider before consolidating your pensions, such as whether you might be giving up any benefits by switching out of a scheme. also recommended speaking to a financial adviser who can help you calculate any costs or risks associated with consolidating your pensions.While the savings you can get from consolidating your pensions might be attractive, you should double check you understand the new schemes' fees.
"You might need to convert a % fee into pounds and pence based on your total pot size, or vice versa do a proper comparison."
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