The UK Pensions Dashboard will eventually let you see all your pensions in one place. Connection begins in April 2025, completion is due by October 2026. But "eventually" is not a pension strategy.
Here's what you can do right now.
Step 1: Check for forgotten pension pots
Lost pensions add up — and compound. Even a small pot from an early job could have grown significantly.
Action: Use the government's free Pension Tracing Service to track down any pensions you've lost contact with. You'll need the name of the employer or pension provider. Contact the provider, check the current value, and decide whether to leave it or consolidate.
Step 2: Consider consolidation
Multiple pension pots mean multiple sets of fees, multiple providers to track, and a fragmented view of your retirement savings.
Consolidating into one plan can reduce admin costs, give you a clearer picture, and make investment decisions simpler. PensionBee specialises in pension consolidation and can do this for you — check their fees carefully before proceeding.
Check before consolidating:
- Exit penalties on your current pensions
- Whether your current pension has valuable guaranteed benefits (some older defined benefit schemes are worth keeping)
- Whether the new provider's fees are genuinely lower
Step 3: Review your fees
Fees are the invisible drain on pension savings. The annual management charge cap helps, but charges vary significantly between providers.
A 0.25% difference in annual fees might sound trivial. Over 30 years on a growing pot, it can cost you thousands. Compare your current charges against alternatives and consider switching if you're overpaying.
Step 4: Align your investments with your values
If you care about where your money goes — ethical investing, ESG funds, avoiding certain sectors — you don't have to wait for the dashboard to investigate this. Most major providers have ethical or sustainable fund options available now.
Research the funds within your pension. Check how the fund manager votes on shareholder resolutions. Make the switch if what you find doesn't sit right with you.
Step 5: Check your State Pension
This one is free, takes five minutes, and most people never bother. Go to gov.uk/check-state-pension.
You'll see your current forecast, how many qualifying National Insurance years you have, and whether there are gaps you could fill. Buying back missing NI years is often excellent value — especially for women who've taken career breaks.
For personalised advice on consolidating your pension or making the most of your retirement savings, Unbiased can match you with an FCA-regulated independent financial adviser for a free initial consultation.
Photo: Austin Distel via Unsplash
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