More consumers in control of their pensions
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More consumers in control of their pensions
Multiple pension pots are now the norm, with 73% of people having more than one, according to a recent survey1. As a result, losing track of pension pots has been a common occurrence. Positively though, it is happening less, with the number of people who have lost track of their pension standing at 17% today against 21% in 2016. However, this still leaves around 6.4 million people who seem to have misplaced retirement savings! Commonly cited reasons include lost paperwork, failing to inform a pension provider about a change of address, or the takeover/rebranding of the pension company. Less than half of people (48%) know they can use the DWP’s Pension Tracing Service, while 42% are aware they can contact a previous employer.
1Aegon, 2021
The value of investments and income from them may go down. You may not get back the original amount invested. A pension is a long-term investment. The fund value may fluctuate and can go down. Your eventual income may depend on the size of the fund at retirement, future interest rates and tax legislation.
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency.
Information is based on our understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.
Tax treatment is based on individual circumstances and may be subject to change in the future.
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