Financial Planning / Investing / Saving

How to find out how much is in your pension pot

26 May 2021 | Posted by Frankie Jones

Only 40% of employed Brits know where all of their pension details are. It’s time to change that!

Whether you need this information to prepare for your financial coaching call or you just want to be on top of things, follow these steps to see how much you’ve got squirreled away for retirement.

1. If you know your provider’s name

If you know who your provider is (or providers, if you have more than one), then you’re already halfway there.

Take a look to see if you have any letters from them. They should send you a pension statement once a year – it’s best to keep these in a safe place going forward. 

Your statement will include how much is in your pot, as well as an estimate of how much you might get when you start taking out your money. 

If you’ve gone paperless, see if your provider has an online portal you can log into. You might need to contact their support team to get your login details.

2. If you don’t know your provider’s name

Try searching your email inbox for “pension” and see if anything comes up. If you’re looking for your workplace pension(s), contact your current or previous employer and ask who their provider is. The HR team should be able to help – they’ll probably need some of your details, like your employment dates and National Insurance number.

If you really can’t remember your provider’s name and there’s nothing in your inbox, use the government’s free Lost Pension tool (it’s worth noting that this service can’t tell you the value of your pension).

3. Keeping track of your pension

There’s nearly £20 billion in unclaimed pensions in the UK, so it’s vital that you keep an eye on your pension pots. This is particularly important if you’re nearing retirement age. Regularly reviewing them will allow you to track their performance against your retirement income goal.

If you’ve got more than one (such as workplace pensions from different jobs and a personal pension) and you’re struggling to manage them individually, you could consolidate them. This will merge your pensions into one pot so it’s easier for you to track. 

You might even save money, if you’re switching from a high-cost scheme to a low cost one. But bear in mind that there is usually a charge for pension consolidation services. 

If you’re not sure whether consolidating is the right move, you might want to seek professional financial advice.

Whether you choose to consolidate your pensions or not, make sure you always update your details if they change. For example, if you move house, to help your provider to keep you in the loop.

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