11
Jun
2020
0

Two quick and easy financial wins during lockdown

Two quick and easy financial wins during lockdown Marc Burman Financial Planning

If you are using the downtime to get your finances more organised, here are two quick, easy wins that you can do right now.

1.Could you be owed part of the £20BN lost pension mountain?

If you think you have a lost or unclaimed pension, you can contact the government’s Pension Tracing Service, which has a register of all workplace schemes.

The ABI has also provided a guide on its website to help track your pension policies, gives tips on responding to tracing letters, and contact details which may be useful to you.

You could also try to get in touch with your old employers to find out who your pension providers are and then contact them directly to get details about your pensions.

You’ll probably need to provide some information, such as your name, address and National Insurance number.


2.Check what you will receive in retirement

The state pension is a stream of income available in retirement.

It can be combined with other pensions to layer your income in retirement.

To work out what your state pension will be at retirement visit the Gov.UK check your State Pension forecast site.  

This will provide you with a forecast of your income and will also explain how you can top up your state pension income.

This is a quick and easy way to start the process of working out what you can do today to start saving for a retirement you can look forward to.

(*According to research from the ABI Association of British Insurers -2019)