Changed jobs? Don’t leave your pension behind.

Changing jobs every few years is increasingly common. But each move may come with a new workplace pension, leaving your pension pots spread across different providers.

Andrew Lindley, Account Director at Ink, explains why it’s important to keep track of what you’ve got—and why you should seek advice before deciding whether bringing your pensions together is right for you.

Changed jobs? You probably remembered to give back your company laptop, and take home your favourite mug, photo of the family/pet and the plant from your desk.

But what about your pension?

Five jobs can quite easily mean five different workplace pension pots — potentially with different providers, charges, investments, features and benefits.

And, unlike that phone charger you left in the office lost property box, an old pension could be worth rather more than you realise.

So before deciding what to do with your old pensions, start by taking stock:

• Do you know how many pension pots you have?
• Do you know where they all are?
• Do you know roughly what they’re worth?
• Do you understand what each one offers?

Not sure where to look? Check old statements and emails, or ask a former employer which pension provider they used. If you are still drawing a blank, the Government’s free Pension Tracing Service can help you find a scheme’s contact details. It will not confirm whether you have a pension or tell you what it is worth, but it gives you somewhere to start.

Bringing pensions together can make them easier to manage, but it won’t be right for everyone. Some pensions may have valuable features or benefits you could lose by transferring, so it’s important to understand what you’d be giving up as well as what you might gain — and take advice where appropriate.

The first step doesn’t have to be a big financial decision.

Sometimes, it’s simply finding out what you’ve got.