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Don't Leave Your Old Pensions Behind: A Wedding-Day Financial Checklist
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5 steps to take control of your retirement savings when tying the knot Weddings and marriage are two of the biggest catalysts for losing touch with old pension plans. One of the biggest reasons pensions go 'missing' is a change of name. Yes, you'll tell your family, your employer, your bank, and your doctor - it's a long list of people you need to tell, and far, very far down the list is the pension scheme for an employer that you used to work for. It’s unsurprising that this is a big contributor to lost pension pots. Weddings can also lead to a change of address, and again this can be a key catalyst in losing the link with your pension plan, especially those old ones that sent you paperwork that went straight into a drawer. New research from Scottish Widows highlights how severe this can be for those with a form of vulnerability: 63% of adults have done little to no research into their retirement 28% of adults are making no retirement arrangements whatsoever 26% of adults feel completely overwhelmed when making financial decisions 43% of people want simpler, clearer guidance detailing exactly how much they need to save This lack of clarity leaves many avoiding pension management simply because they don't know where to start, resulting in lost pots and missed growth.
With National Pension Tracing Day approaching on 25th October, millions of workers across the UK could have thousands of pounds in lost pension savings from previous jobs without even knowing it. As couples prepare for their big day and build a new life together, pensions are often the last thing on the wedding planning checklist, yet they are one of the most important pieces of your shared future.
According to newly published research from the Pensions Policy Institute, there are an estimated 3 million lost pension pots across the UK, holding a staggering £18.7 billion. With the average UK worker changing employers 12 times over their career, losing track of old savings has become an easy trap to fall into.
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Robert Cochran, Pension Expert at Scottish Widows comments: "With billions of pounds sitting in forgotten pots, taking one small step this Pension Tracing Day, or as part of your post-wedding admin, can replace financial anxiety with clarity. Robert shares five practical steps to locate lost pots this Pension Tracing Day: Retrace your steps across former employers and update your details Make a list of every company you have worked for, particularly those where you were enrolled in a workplace pension. Since workers change jobs an average of 12 times, moving house or updating contact details over the years often means old providers can no longer reach you. If marriage brings a change of name or address, ensure you update your details across past providers so they don't lose touch. Top tip: make sure you set up your policies with your personal email address, as people move house and change jobs far more frequently than they change their personal email address.
"Changing jobs and celebrating life milestones like marriage are normal parts of working life, but every move makes it easier to leave a piece of your financial future behind. Too many people avoid looking into their pensions because the jargon makes it feel intimidating. But taking control really comes down to answering three simple questions: What have I got? Is it enough? What can I do next?
"Tracing an old pot or logging into a pension app takes just minutes, but it can instantly get you and your partner set on the path to creating your shared retirement plan for a future you can see. So hopefully, the joy of marriage will no longer be a barrier to keeping track of your old pensions! We can focus on the fact that one of the biggest boosts to retirement is to be in a couple, it makes both your finances and wellbeing in retirement work so much better."
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Track down your lost pots using free digital tools Everyone can use the Government’s free Pension Tracing Service, or even better, use the tools from providers - such as the one in the Scottish Widows app to locate lost pots from previous jobs using just your National Insurance number. Downloading your provider's app makes it so much easier to keep your details up to date and simply seeing it on your phone serves as a visual reminder. Plus, after nearly 10 years in development, we are finally on the cusp of having a government-sponsored Pension Dashboard that finds all your pensions once you verify your details, and crucially for newlyweds, it allows you to tell it if you've ever had a different last name. Just make sure any tracing service you use is completely free before you start. Find out what your old pensions are worth Don’t stop at finding the provider’s name. Get a clear view of current pot values, fee structures, and projected retirement income. Having all your figures in front of you transforms a confusing cloud of guesswork into a clear, tangible starting point. Getting a view of your projected retirement income in one place makes it so much easier to plan for your retirement together. See if your provider offers this and includes the state pension too! Check charges before you consider combining Merging separate pension plans into one place can simplify administration and reduce fee drag (which is especially great when streamlining joint household finances), but rushing into it without checking the details can be costly. Before transferring anything, ensure you won't lose valuable guarantees, specific payout rights, and consider any exit fees. The best pension tracing tools will do this for you automatically. Turn your baseline into a simple joint action plan Our research shows 43% of people want simpler, clearer guidance on how much they need to save. Once you both know what you have, use an online calculator to check whether your current contributions match your future goals. Starting small today is far better than avoiding the issue altogether.
Data and content from Scottish Widows
