Why do I need to check my pension?
There are many reasons why you should have your pension checked but in a nutshell it is because it is your money.
Many people assume that all pensions are the same and that they can not influence what it will pay them in retirement. This is not correct. All pensions are different and your money could be invested in vastly differing funds or institutions and the performance of a pension will therefore also vary vastly from one pension to another.
Do you want to wait until you retire to find out what your pension will pay you? If you do then it will be too late to change it. By checking the value and your projected pension today you may have a chance to increase your projected pension income while you still have time to do so before you retire.
Are you a high risk individual when it comes to your money or perhaps cautious? Has your current pension provider considered your attitude to risk when investing your money?
Wouldn’t it be comforting to hear that your pension is in a great shape and meeting your expectations? Alternatively, if it was not performing well would you not want to know about this sooner rather than later?
You may or may not be able to improve your position with regards to your retirement but after the pension check you will definitely be better informed.
How do I find my old pensions?
This is a common problem. Many people will know that they had a pension, sometimes many years ago after a number of career changes, but have no idea how to locate it. The Company they worked for may not be around now or has perhaps changed name.
A good first step is to contact the pension tracing service, a government information service, by telephoning 0845 9150150. They can often help locate old pensions.
If this fails, try a search on the internet under the Company you worked for at the time. Often you will find details of changes of trading style, mergers etc and you can then contact the latest Company to enquire about the pension administrators.
Look out any old paperwork or bank statements if contributions were being made by you.
If you still cannot locate a pension call our helpline on 0800 966 354
Do you check other financial products?
We offer checks for most financial products for example Mortgages, Life Assurance, Critical Illness Insurance, Investments and Savings plans
Please press the ‘Useful links’ tab for more information on other financial checks.
Do I have to pay for the pension check?
The pension check, which includes help in locating the pension, gathering the information from existing providers and preparing the summary report is free.
When the check is completed we will offer the opportunity to take advice on potential solutions to issues raised in the check. If following this advice business is transacted then the new business provider will normally pay a commission to the introducer.
How long does the pension check take?
Initially it will take you no more than 10 minutes to initiate the process by pressing the ‘Check my pension now’ button and submitting your information.
Once we have received the signed authority form the process can take anywhere from 14 days to 90 days depending on how many pensions are being checked and the Companies involved in providing the information.
As part of the service we will keep you informed at all times as to the progress of the check.