Keep track of ‘all pension schemes’ to boost retirement funds
Britons have been urged to keep track of all of their pension schemes to ensure that they are getting the most from their investment.
The majority of UK consumers will have multiple jobs during their lifetime, enrolling and contributing to a pension scheme with each role.
James Salmon, a financial expert writing for thisismoney.co.uk, advised Britons to get their paperwork in order to get an overview of the performance of their investments.
He said: “It can be a nightmare to keep track of all of them [pensions], particularly if relatively small amounts of money are involved. But it’s essential to make every penny count towards your retirement.
“The first step is to figure out what you have got.”
Mr Salmon added that it is easier to manage their pensions if the disparate funds are all transferred to a single scheme.
Those who are not interested in managing their own investments should put their funds in a cheap pension known as a stakeholder, he stated.
