Pensions

If you've moved from job to job, you may have belonged to several pension schemes. By consolidating the  different pension pots into one, you'll have a better idea of your retirement fund's value and be able to keep a closer eye on charges BUT there are two exceptions.

• If you have a final salary scheme pension you are better off NOT consolidating.
• If you are due to retire soon and have already built up quite large pension funds, you are also better off NOT consolidating.

However, small pots have flexibility which you may lose if you combine them. Take advice.

You can track down old or forgotten pension pots through the Pension Tracing Service: call 0845 600 2537.

Set up an annual meeting with your employer's pension scheme advisor or an independant financial advisor (IFA). They can see how your pension is doing and if you need to change anything. To find an IFA try the website unbiased.co.uk.

State Pensions (2020 facts)

• You need 35 years of contributions to get a full state pension. # Qualifying years of NI contributions take into account time spent raising children up to the age of 12, caring for someone who is sick or disabled, or spent in full time training.
• You may be eligible to pay voluntary contributions to build up additional years.
• Over 55, you are entitled to free face-to-face or over-the-phone guidance from pensionwise.gov.uk.

Beware fraudsters. If someone calls you offering to help you access your pension pot before age 55, it is likely to be a pension scam. You could lose your money and face a tax charge of up to 55% of the amount transferred plus further charges from your pension provider. Check the ScamSmart site for known pension scams (fca.org.uk/scamsmart).

Information correct at September 2013. Updated 5 March 2020.