If you’re not sure what to do with your pensions once you’ve found them there are many reputable companies and advisors who can help you decide whether to combine your pensions or transfer to a different scheme. You can learn more about combining pensions in our article Should I consolidate my pensions? However, it’s always sensible to be on the lookout for potential pension scams, and high charges. To help protect against scams, always ignore any unsolicited calls, emails or contact as genuine companies will never contact you out of the blue. Pensions cold-calling is in fact illegal, so if you receive an unsolicited call about your pension, get any information you can, such as the company name or phone number, and report it to the Information Commissioner’s Office via their website or on 0303 123 1113. Find out more about pension scams in our article Don’t let scammers steal your retirement.
Always make sure that any advisor or company you plan to use to help you with your pension is regulated by the FCA, which you can check here, along with the FCA warning list of unauthorised firms. It’s also important to understand exactly how much you’ll pay if you do use a company to help you with your pensions, and to check that you won’t lose any valuable benefits if you decide to switch from an existing scheme.
If you have a pension worth more than £30,000 with certain benefits such as a guaranteed annuity rate (which will provide you with an income at a set rate for the remainder of your life), the Government has mandated that you must seek professional independent financial advice before you can transfer it to a new provider, in order to protect you from inadvertently giving up a number of valuable benefits. Learn more about this in our guide Should I transfer my final salary pension?
If you’re not sure what to do with your pensions, or are struggling to track them down. It may be helpful to speak to a regulated financial advisor who can help you understand your options and make the best decision for your personal circumstances. You can find a local financial advisor on VouchedFor or Unbiased.co.uk, or for more information, check out our guides on How to find the right financial advisor for you or How to get advice on your pension.
If you think you might be interested in speaking with a pensions expert, Rest Less Financial Services is now offering our members a free Pension Health Check with a Rest Less Pensions Expert.