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Are you saving enough?
Find out how much your lifestyle could cost when you retire and how to work out if your savings are on track.
Try it nowMoving jobs? Stay connected with your old pension!
The start of the New Year may be the time you decide to move on in your career.
Switching jobs means you’re probably going to leave a pension behind. Save yourself the hassle of having to hunt down old pensions by keeping track of them all as you go along and your career progresses.
Staying connected with your old pension plans could make your life much easier when you come to retire as you’d know exactly how much you’ve got to live on and where that money is.
Your financial diligence will pay off in the long run so here are few tips on how to make sure you won’t lose track of your retirement income and have it all at hand:
Keep old pension providers in the loop of any changes to your contact details
This is something many of us are guilty of not doing on time or not doing at all. Equally this quick and simple job could make a huge difference to both you and your old pension provider. Every time you move house, change your email address or get a new
phone number, you should tell your old pension providers. That way you’ll ensure they can get in touch with you should there be anything you need to know about your pension plan with them. Reviewing your details on a regular basis, for example
annually, to ensure they are correct might be a good idea.
Retain old paperwork
Keep hold of any letters or other correspondence you’re received from your old pension. They may come in handy when you come to retire and having them somewhere in the house means you’ll never lose track of your old pensions. It may be worth
starting a folder to help you keep them all in one place.
Keep an eye on your old pension plan’s website
A quick scan of your old pension plans’ websites every now and then might help you stay in the loop of any news and updates from your old pension providers. Plus, it means you won’t miss out on any new pieces of functionality or tools they’ve
introduced that could help with your retirement planning when the time comes.
Connect with your old pension on social media
Check if your old pension providers are on social media and connect with them. That way, you’ll get to see bite-size snippets of all the important updates about your pension with the option to find out more about the ones that are of interest to
you by clicking on the relevant links.
Having a personal budget plan? Count in your old pension
Planning! Dubbed by many as a true game changer when it comes to personal finances and saving, it’s an equally helpful habit to get into when it comes to keeping track of your pension plans. No matter what program you use for your budget planning,
you could always add an extra tab, column or sheet and save all the important information about your old pension plans there. Or if you’re a traditionalist and prefer the good old pen and paper, our second suggestion of retaining your old paperwork
might work best for you.
Transferring your pension
It sounds tempting to have all your old workplace pensions under one roof but it is highly advisable you seek independent financial advice if you are thinking of going down that route. The process itself should be relatively straightforward but you should ensure this is the right step for you. This is particularly valid if you’re thinking of transferring defined benefit pension savings to a defined contribution arrangement. This is because the value of a defined contribution pension is not a set amount and may go up as well as down.
It is a legal requirement to take advice if you are thinking of transferring defined benefit pension worth over £30,000.
Lost a pension? Track it down!
If you think you’ve got old pensions that have gone dormant – don’t worry! Fortunately, tracking down an old or lost pension is not rocket science and can be done in a few simple steps – all you need is your phone or laptop and a bit of time. You can turn to the Pension Tracing Service for help. Make sure you have the following details to hand when you start your trip down memory lane:
- Your name (current and previous, if different), date of birth and National Insurance number
- Your address (current and previous, if different)
- The date you joined and left the pension scheme (if known)
Matt Riley
Manager
Matt joined Zedra Governance Limited (formerly PTL) in January 2008 having previously worked for Mercer Limited, Hazell Carr and Prudential.
As a Manager for the company's Birmingham Office, Matt’s responsibilities include working closely with Client Directors and individually liaising with Employers, Trustees and Members to ensure the smooth running of their pension schemes. Matt’s current portfolio of clients covers ongoing, paid-up and winding-up schemes. In addition, Matt has experience of schemes that have transferred or are in the process of transferring to the Pension Protection Fund and Financial Assistance Scheme. Matt also works closely with clients in relation to risk registers and internal controls.
Matt particularly enjoys resolving issues in a fair and pragmatic way ensuring that the right result is reached for the member or employer.
Sam Burden
Client Director
Sam Burden joined Zedra Governance (formerly PTL) in 2022. He is an Accredited Professional Pension Trustee (AMAPPT) and an Associate of the Pensions Management Institute (APMI)
Sam has more than 25 years’ experience in the pensions industry gained with WTW, KPMG, and Standard Life working with a wide range of pension schemes and sponsoring employers. His trustee appointments include DB, DC and hybrid pension schemes and he has experience of handling a broad range of projects relating to the management of pension schemes.
Beyond his pensions experience Sam is a former Birmingham City Councillor where he chaired the audit committee and a current charity trustee.
Payam Kazemian
Client Director
Payam Kazemian joined Zedra Governance Limited (formerly PTL Governance Limited) in 2021. He is an Accredited Professional Pension Trustee (AMAPPT) and an Associate of the Pensions Management Institute (APMI).
Payam has more than 17 years of experience in the pensions industry. Through his current role as a professional trustee, as well as previously as a pension’s de-risking and investment structuring expert at financial institutions including Goldman Sachs and Deutsche Bank, he has had overall responsibility for creating investment, de-risking, journey planning, and governance solutions for a wide range of UK DB pension schemes. He currently holds a number of board positions (as Chair of Trustees) and sole trustee in his professional trustee capacity. Payam has been involved with a number of pensions projects including pensions buy-in, pensions buy-out, GMP equalisation, investment strategy reviews, and dialogue with the pensions regulator. Payam looks to create and believes in a collaborative relationship between the sponsor, the trustee, and all other parties involved as this results in best member outcomes and helps deliver pragmatic solutions for scheme. Aside from his pensions experience, Payam holds a Ph.D. in Materials Science from the University of Cambridge.
