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You should get regular updates and statements on your pension from the scheme provider, as well as a website where you can login and see how much is in your pot, how it is performing and if you are on track to reach your retirement goals.
Some older workers from big companies and public sector staff may have a different type of pension called a defined benefit scheme. The value of this will depend on how long you have been working, your salary and when you retire, and you should also receive regular updates of how much you’ve saved so far.
If you’re not sure what’s in your pension pot, your provider will be able to tell you. If you’re not sure who your provider is – or perhaps you have several pension pots you’ve lost track of – there are ways to track them down.
Few people have a job for life any more; on average, workers build up 11 pension pots over the course of their career, as each job or employer tends to have its own scheme.
Therefore, it can be hard to keep track of who your pensions are with and how they are performing.
Keep an eye out for post or emails from your providers that will show details about who your pension money is invested with.
You can also use the government’s Pension Tracing Service to find lost pots as long as you have the company name or know who ran the scheme.
It may be worth combining all your pensions if you want to manage your retirement pot in one place. Services such as PensionBee or Profile Pensions can do this for you, or you could transfer the funds to your most recent provider.
Another option is to set up self-invested personal pension (Sipp), either with a financial adviser or on a DIY investment platform.
The Government and providers are also working on Pension Dashboards where savers can see the size of their pot in one place, but the deadline for all schemes to be connected is 2026, so it could be a while before you’ll be able to use it.
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