How to Stay Updated on Your Retirement Savings When Changing Jobs:
Changing jobs often marks an exciting new chapter, with fresh opportunities, challenges, and sometimes a higher salary. Amidst the change, it’s easy to overlook your old pension, especially since new employers usually auto-enrol you into a new workplace pension scheme.
With over 3.3 million lost pension pots in the UK, averaging £9,470 each[1], and nearly a quarter of UK workers (23%) planning to leave their jobs in 2025[2], staying informed about your retirement savings is essential.
What Happens to Your Pension When You Leave a Job?
When you leave, your pension investments remain, but contributions from you and your employer stop. While your savings may continue to grow, ongoing account charges can gradually reduce its value if not monitored.
It’s important to update your pension provider with any changes to your email or home address, especially if your work email is deactivated. Keeping your contact details current ensures you stay informed about your savings.
How to Track Down Old Pensions
Having multiple jobs can make it tricky to track your pension pots. A pension tracing service can help locate lost pensions using details from previous employers.
Once located, consolidating pensions may simplify management by reducing administrative tasks and giving you a clearer picture of your overall retirement savings. However, consolidation isn’t always the right choice, as some benefits may be lost during transfers.
Should You Consolidate Your Pensions?
Merging pensions can:
Reduce fees
Simplify management
Provide clearer insight into retirement progress
But be cautious: some older pension schemes offer unique benefits such as guaranteed income, higher growth rates, or early retirement terms. Always review your individual plan carefully before consolidating.
Managing Your Pension Between Jobs
If you’re taking a career break, changing jobs, or working without an immediate workplace pension, it’s still important to maintain contributions.
Continue contributing to your existing pension if possible.
Consider a personal pension plan to keep savings on track.
Consistent contributions, even during transitions, ensure your retirement savings stay on course.
Build a Clearer Retirement Roadmap
Keeping track of your pensions is essential for optimising your retirement savings. Need guidance? Have a look at Plan your retirement income: step by step – GOV.UK for steps on how to create a clear financial plan tailored to your goals.
Source data:
[1] https://www.plsa.co.uk/News/Article/Brits-missing-31-1bn-in-unclaimed-pension-pots
[2] https://www.personneltoday.com/hr/attrition-rates-2025-uk-culture-amp/
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.
A PENSION IS A LONG-TERM INVESTMENT NOT NORMALLY ACCESSIBLE UNTIL AGE 55 (57 FROM APRIL 2028 UNLESS THE PLAN HAS A PROTECTED PENSION AGE). THE VALUE OF YOUR INVESTMENTS (AND ANY INCOME FROM THEM) CAN GO DOWN AS WELL AS UP, WHICH WOULD HAVE AN IMPACT ON THE LEVEL OF PENSION BENEFITS AVAILABLE.