Lucy O’Boyle • Pensions • 2 min read
From the first part-time job you take on to the very last job before retirement, on average, you will have 11 jobs over your working life.
The answer to that question could be the number of workplace pensions you might have lost track of.
The problem with having lots of pensions is that it’s hard to know exactly how much you have for retirement when you can’t see one total sum in front of you.
Add to that the confusion of address changes when you move house, changing jobs and a boatload of paperwork over the years from your pension providers.
Here are five reasons why combining your pensions could benefit you if you’re still on the fence.
When your old employers chose your pension provider, they probably didn’t consider how you like to invest. Many pension schemes also don’t offer a wide range of investments. So, by putting your pension in one place with one single provider, you can keep an eye on what is really going on in the funds that make up your pension and make your money work for you.
This is a big one. When you have multiple pensions floating around, it’s hard to keep track of the fees you are being charged by each pension provider. With your pensions combined into one pot, you just have to keep on top of the fees of one single provider (instead of up to 11!).
With some pension providers, the most contact you get is a single letter through the post each year. Not ideal. Especially if you want to keep an eye on how much your pension is growing. Combine your pension with a pension provider that has an app. That way, you can check in on your pension at any time you want.
Planning for your future shouldn’t be difficult. But, when you have more than one pension pot floating around, it makes it harder than it needs to be. Once you can see a single sum of all your pension pots added together, you can easily start to work out what you will need to retire. Then you can easily adjust how much you’re adding to your pension each month.
This is where we come in. Our mission at CIRCA5000 is to invest in companies changing the world for the better, without compromising on profit. A pension with us means that we will always look for the best-in-class funds, that aren’t coming at a cost to society or the planet. You can see, control and change where your pension is sustainably invested.
This article does not represent financial advice. Your investments and the income from them can go down as well as up.