Britons urged to 'spend 30 minutes' sorting out pensions as it may save £13k in retirement

[ad_1]

People who check in on their pensions only do so for around half an hour each year, according to new research from the pensions industry. The figures also show 48 percent of adults didn’t check-up on their retirement savings at all in the past 12 months.

By comparison, people spend at least 30 minutes every week on household chores such as doing the laundry, cleaning the bathroom and putting out the bins.

If people can take some time to get their pension files in order they could make huge savings in the long run.

Express.co.uk spoke exclusively to Pension Attention campaign manager Sarah Cordey, who said: “The first step is making sure you know what you’ve got and where it is.

“That means not just letting pension statements build up in the bottom of the drawer but checking them to see that your personal details are up-to-date and making sure you register for online access where it’s available.

READ MORE: National Insurance hike reversed next month – how much more will you save?

“It’s also worth thinking about jobs you had a long time ago and whether you’ve moved house without telling a pension firm where you’ve gone.

“Then you’ll be ready to start looking at how your own savings and the state pension might add up, and whether you’re on track for the lifestyle you want when you stop working.

“Tools for all of this, including help tracking down pensions you might have lost along the way, can be found at Pensionattention.co.uk.”

The campaign suggests instead of loading the dishwasher this week, individuals could find their pension paperwork. Once children have sat down to complete their homework, instead of supervising, a person could register for online access to their accounts to check on their investments easier.

DON’T MISS

Consolidating pensions into a single plan could help people reduce the stress of managing multiple pots, giving them greater transparency into their performance, and potentially save them money on fees.

Research from the Association of British Insurers (ABI) has found an estimated 1.6 million pension pots are sitting unclaimed because they’ve been simply lost or forgotten about.

With a massive total value of nearly £20billion, that works out as roughly £13,000 per pension pot.

According to the Department for Works and Pensions (DWP), one of the big reasons for the increased number of pension pots is that the average UK worker will have 11 different jobs during their career.

And since the introduction of Auto-Enrolment, requiring employers to set up a workplace pension and enrol their eligible employees into it, unless they decide to opt-out, many people may well end up with a number of pensions, scattered across different providers. As a result, it can prove very beneficial to get these pensions together.

It’s important to check with someone’s current pension provider whether there are any exit fees for transferring their pension to another provider before continuing.

Ms Cordey said: “We’re all busy looking after the regular household chores, but it’s important that paying attention to your pension isn’t always the last thing on your to-do list.

“We’re suggesting everyone skips a job this week and uses the time for some pension admin instead, or perhaps persuades another member of the household to step in!

“The funds people build up in their workplace pensions are money they will depend on for several decades after they stop working, so there aren’t many more important tasks.”



[ad_2]

Leave a Reply

Your email address will not be published.

Previous Story

Private jet flight attendant asked to 'hand feed' passenger – 'it was an odd experience'

Next Story

Fergie 'made her comeback' at Meghan Markle's wedding with 'iconic signature style move'

Latest from Blog

withemes on instagram