I Am Unable To Locate My Pension?

A regular scenario with a client might be "I have 3 pensions by three companies I have worked for

. I am current with two of them, but have lost contact with the third company, which I think is gone|I know where Two of my pensions are but I can't find the other one, the firm might have closed down. How could I determine what the pension might be worth?"

Quite often a client will actually not bother to trace the pension since they think that it'll be worth very little. The fact is that pension plan benefits from even short periods of employment can run into many thousands of pounds so it's in your interest to hunt those pensions down and claim the benefits - it is your money after all! Exactly how do we track down a lost pension? The simplest way to locate lost pensions is usually to get in touch with The Department of Works & Pensions. Their website is www.pensionservice.gov.uk or they can be called at 0044 845 600 2537. . Also, never ignore the importance of your State Pension. For a free forecast, visit the same website.

During the last 2 years pension funds have fallen considerably and this has resulted in a few problems. One of my recent clients has a small paid up pension in a managed growth fund that has fallen more than 20% in the past year. He's been offered by his pension provider to move his money into a safer fund over the next 24 months before retirement. He wanted to determine if it's the right time to switch, or is he better off staying put in the anticipation of market recovery. This technique of switching is often referred to as "lifestyling" and is meant to defend clients from massive pension fund drops close to retirement. If the pension is a smaller one and you've got others, you may be best to leave it alone giving the market a longer period to recoup before you'll want to start drawing it.

Another option may be to transfer the fund into a QROPS approved pension scheme. When you shift your pension into a QROPS scheme you need not buy an annuity, simply draw down money from the pension fund. Therefore, the money can stay invested and may enjoy the market recovery. It is essential you claim anything you're qualified to receive so find your pension and insurance documents, contact the companies and ask for the values. Update your contact details as well.

by: Mauricio Pough

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