When leaving a job, how to stay updated on your retirement savings
Changing jobs often signals a new chapter: higher salary, fresh opportunities, and new challenges. But it’s easy to overlook old pensions, especially since most new employers automatically enrol staff in a new pension scheme.
With over 3.3 million pension pots believed lost in the UK—averaging £9,470 each[1]—and nearly a quarter of UK workers planning to leave their jobs in 2025[2], staying informed about your retirement savings is more important than ever.
What happens to your pension when you leave a job?
Your investments remain in place, but contributions from you and your employer stop.
Account charges may slowly reduce your savings if not monitored.
Always update your personal email and home address to stay informed and avoid losing contact with your pension provider.
Tracking down old pensions
Use a pension tracing service to locate lost pensions from previous employers.
Once located, consider consolidation to simplify management, reduce admin, and monitor your retirement progress more easily.
Remember: consolidation may cause you to lose unique benefits, so review each pension carefully.
Should you consolidate your pensions?
Pros:
Lower fees
Simpler management
Clearer retirement overview
Cons:
Loss of guaranteed income options or higher growth rates
Possible early retirement perks
Always assess individual circumstances before transferring funds
What to do if you’re in between pensions
You may continue contributing to existing pensions even if your current role doesn’t offer one.
Consider personal pension plans to maintain retirement savings growth.
Regular contributions, even during career transitions, keep your retirement on track.
Is it time to build a clearer financial roadmap?
Keep track of your pensions to optimise retirement savings. Contact us to explore options and create a clear financial plan.
Should annuities be included in retirement plans?
Protect against outliving your savings with a steady income
An annuity converts part of your pension savings into a guaranteed regular income, providing stability regardless of market fluctuations.
Benefits of annuities:
Guaranteed income for life or a fixed term
Protection against market downturns
Higher pay-outs for those with health conditions or shorter life expectancy
Flexible options like fixed-term, temporary, or phased annuities
Phased annuity purchases allow part of your pension to remain invested while securing a guaranteed income, balancing growth potential and stability.
Certainty in an uncertain world
Annuities provide reassurance during retirement and protect against financial stress.
Decisions are final, so informed choices are essential.
Consult a professional to explore customised annuity options.
Is it time to talk about annuities?
Explore how an annuity could secure your retirement income and create a tailored pension plan. Contact us to understand your options today.
Disclaimer:
THIS ARTICLE DOES NOT CONSTITUTE TAX, LEGAL OR FINANCIAL ADVICE AND SHOULD NOT BE RELIED UPON AS SUCH. TAX TREATMENT DEPENDS ON THE INDIVIDUAL CIRCUMSTANCES OF EACH CLIENT AND MAY BE SUBJECT TO CHANGE IN THE FUTURE. FOR GUIDANCE, SEEK PROFESSIONAL ADVICE. THE VALUE OF YOUR INVESTMENTS CAN GO DOWN AS WELL AS UP, AND YOU MAY GET BACK LESS THAN YOU INVESTED. PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RESULTS. TAX PLANNING IS NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.