Not consolidating different pensions means a pensioner could miss out on the best income for their savings at retirement.
‘With the number of jobs we have over a lifetime increasing, it’s likely that people will accumulate several small pension pots. In many cases, these bring a less fruitful income in later life than one large pension pot,’ said Lucy Harmer, head of services at Age UK.
‘It’s really important we all set aside time to keep on top of our personal admin, such as organising paperwork and keeping details of any financial products safe and secure.’
The Pension Tracing Service can help track lost pensions and can be contacted on 0845 600 2537.
[Matthew Clark, 17 April 2013]