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Have you paid into an occupational pension in the past and are you wondering what happened to your investment? In not uncommon for occupational pensions to be frozen and never claimed – especially when you move on from a job and lose contact with the employer.
If you’re nearing retirement and wondering what happened to that cash you put away during your working years. We can help you to relocate and release your hard-earned cash, allowing you to benefit from the investments you’ve made.
What is a frozen pension?
In an ideal world you’d work for your employer for your entire life, paying into your pension pot until the day you retire. However, in today’s job market that’s sometimes not an option. Whether you were seeking a pay rise, a career swap or a change of pace, most people have worked for several different companies by the time they come to the end of their working lives.
If you’re paying into a pension through a workplace scheme, leaving your job might bring about questions about your old-age savings… What’s happening to the cash you and your employer put aside?
When you leave a job and were paying into an occupational scheme, your pension is left behind and no more funds are added to your investment. In some respects your pension is “frozen” and this is what people refer to when they talk about “frozen pensions.” You might also hear the terms “deferred pension” or “paid up pension”, and you’ll be relieved to know that they all mean the same thing.
What can you do with a frozen pension?
The term “frozen pension” is actually quite misleading, as there are several options for your investment depending upon the terms of your scheme. While you and your previous employer won’t be making any future payments into it, if you take out a Defined Contribution Pension Scheme, there is the option to re-invest your earnings elsewhere. With a Defined Benefit Pension your benefits will continue to increase year on year – sometimes in line with inflation, or sometimes more.
Why choose us?
We understand that the financial terminology associated with pensions can be jargon-heavy and very confusing. It can be difficult to understand the best pathway to releasing the cash in your pension.
Our expert advisers are more than happy to help you get the best out of your finances for the future. Over the years we’ve helped thousands of people make the most of their retirement pots. To get started, just fill in the form on the right and we’ll be in touch.