A young dad-of-five has tragically died after a horrific motorbike crash during a dream trip to Thailand.
10.03.2023 - 16:43 / dailyrecord.co.uk
Most people have a number of jobs throughout their working life and with this, multiple pensions, especially after auto-enrolment began in 2012. The average UK worker is expected to have 12 jobs throughout their life meaning keeping track of multiple pensions could get a bit tricky.
The Department for Work and Pensions (DWP) recently announced the Pensions Dashboard Programme has now been delayed. When this does finally launch, it will allow everyone with a pension - including a State Pension - to view all their retirement pots in one handy place online.
According to recent research, almost £27 billion is currently being lost in forgotten pension pots, however, Sam Robinson, Principal Financial Advisor and Pension Transfer Specialist at Almond Financial, has shared his top tips on the pros and cons of pension pot consolidation and how workers can get the most out of their money in later-life.
Sam explained some workers choose to consolidate their pensions in one place, or a ‘pot’, allowing easier management and ensuring they aren’t forgotten. Although it is important to note, that every pension system is different and pension pot consolidation may not be suitable for everyone.
Consolidating your pensions boasts a number of benefits including:
Sam said: “There is no doubt, consolidating your pensions will not be for everyone and it’s critically important to evaluate both the pros and cons of doing so before making any decision. When it comes to pension pot consolidation, it’s certainly not a one size fits all approach.
“Ensuring you have the appropriate processes in place for life after work will ease any concerns you may have.
“Managing your pension can be a daunting task but if you aren’t sure where you can start, please
A young dad-of-five has tragically died after a horrific motorbike crash during a dream trip to Thailand.
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The latest figures from Social Security Scotland show that at the end of February, 2022 there were 124,081 people living in Scotland receiving additional financial support through Attendance Allowance. Across Great Britain, there are now more than 1.5 million people over State Pension age getting either £61.85 or £92.40 each week through the benefit.
The UK Government has announced delays to a planned timetable which will eventually allow people to view all their pension pots, including State Pension, online in one place. The Department for Work and Pensions (DWP) said that more time is needed for the complex build of pensions dashboards to be set up.
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