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A pensions expert has encouraged pension savers to take action to better manage their retirement funds.
Felicia Hjertman, founder and CEO of investment group TILLIT, said it’s important for all people to keep a close eye on their pensions.
She told Express.co.uk: “All savers, young and those closer to retirement, should keep track of their pensions to make sure they have control over all savings they accumulate throughout their working life.
“A lot of people today have multiple pension pots from a variety of employers and over time it can be difficult to remember where they are.
“To combat this, a good rule of thumb is to consolidate your pension pots into one when you change jobs, either into your new workplace pension or into a private pension.
“This limits the risk of losing track of old pots and the added benefit of maintaining one investment strategy, and sometimes having all your money with one provider can even have a positive impact on the fees you pay.”
The investment expert said people looking to consolidate should first contact their provider and ask what options you have to transfer in and out, and to clarify what costs are involved.
She said people should review their pensions at least once a year to keep track of how their pot is growing.
She explained: “This will help you determine whether you are investing enough or need to adjust your contributions or what you are invested in to stay on track for your retirement goals.
“An ideal time to check your plan is when you receive your annual statement.
“Many people fall into the trap of putting this off for too long because retirement is years (sometimes decades away) but the problem with that is that it’s much harder to correct the consequences of bad decisions when you are closer to retirement.
“And actually, making a few good decisions early on when you start saving for retirement can have a significant impact on your financial resilience in the future.”
People planning for their retirement may also want to check how much state pension they are on track to receive. You can do this using the state pension forecast tool on the Government website.
State pension payments recently increased 8.5 percent, with the full new state pension now paying £221.20 a week.
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