Author: Age Cymru
Published on 11 April 2013 11:30 AM
Commenting on a report out today that shows 23 per cent of UK adults have lost track of at least one of their pensions, Age Cymru’s Director of Influencing and Programme Development Victoria Lloyd says:
“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 - this is especially crucial for pensions as it may be some years down the line until they need to be accessed.
“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 than one large pension pot.
“The UK Government is taking action to account for smaller pension pots as part of automatic enrolment, but existing pots that we may already have are not being accounted for.
“This makes it more important than ever that we keep on top of what we have already accumulated.
“Age Cymru strongly advises people to seriously think about planning for retirement and the kind of lifestyle you want - it’s never too early.”
Read our guide to tracing old pensions.