For those agency hoppers / those who job hop…
Is there any easy way to find out who you have a pension with lol?
I think how it has worked for a while now is your auto-enrolled into a pension scheme if you have been with an employer for more then a few months…
How do you find out who you have pension funds with lol?
Is there an easy way to do this or do you have to hunt them down if you have not kept track of it.
If your with an agency just ask them what pension company they use.
Even if you have enrolled into pensions you should at least get a yearly statement in the post or via email .
Will give you a good idea
Other providers are of course available. I know diddly squat about pensions but I have a tad over £300k in various pots as I have always (rightly or wrongly) considered pension schemes to be a sort of savings account and have consequently bunged loads of money into them.
However it’s not all sunshine and roses as I recently became eligible for my military pension. I received a £5k payment (which was nice) and I now receive the princely sum of £139 per month. However after tax I actually get £70 odd into my account! Hey ho, it pays one bill I suppose.
Mine when agency was with nest , which seems to be a goverment set up pension , only thing that confused me was they said welcome back , no idea I’d previously had a pension with them
Though since I’ve turned 60 I seem to be getting letters on a regular basis about pensions I’d forgot I even had , a fair bit in some of them
Only bit that annoys me is I intend to retire 63 & apparently I can’t get goverment pension until I’m 67 , so will have to use savings , but wrong when most of your life it’s been 65 , though women are worse , I believe it was 60 for them
Though mrs could of retired at 55 and is still working 5 yrs later , though only 4x 6 hr days
Current mob pay % towards pension so ok
Big Truck:
Winseer,
You don’t have post some utter DUNG!!!You CAN’T “withdraw” a pension ANY pension until your min 55yrs old AFAIA!!!
The OP I don’t think is near that age so he’s asking advice on how to find out what pensions he has “lying about” ref agency work over a number of years I guess.His only option is to leave them all be or transfer them in bulk into his current job or better IMHO into a SIPP that he can control himself about how much/little he contributes and also what to do with said SIPP when he turns 55yrs old!!!
There are PLENTY of options but withdrawing the monies invested ISN’T one of them!!!
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With the “average age of a driver” now being over 55, I’d suggest you can either opt out at that age, or pay in, and then ask for a refund should you then move on after only a short period…
“Refunds” might even return rather more than the original amount invested minus losses since, indeed…
For the hard-of English out there, my entire argument here is aimed at just those “average age drivers” that ARE over 55.
These people, myself included (twice in the past 5 years now) are those for whom this advice is for.
Not the rest of the under-55 plebs who of course will be better off standing pat paid-up, or transfering to a new scheme.
Just because your radio ain’t able to tune into my wavelength, doesn’t mean there isn’t anything on the “Top of the Shop” channel.
the maoster:
How to find a lost pension | The People's PensionOther providers are of course available. .
Rightly or wrongly, I would trust the government first to not rip me off
gov.uk/find-pension-contact-details
Winseer:
With the “average age of a driver” now being over 55, I’d suggest you can either opt out at that age, or pay in, and then ask for a refund should you then move on after only a short period…“Refunds” might even return rather more than the original amount invested minus losses since, indeed…
DO NOT ask for refund after being with company only a few months/years!!!
Speak to a specialist Broker like “HargreavesLandsdown” etc about transferring ALL your separate pensions into ONE single SIPP (Self Invested Personal Pension)
Look up their “wealth50” recommended funds and put your pension money into a few different funds spread out across the world.
Low charges and sit back and watch your money grow whilst Sat on fat arse like me!!!
(Just back from week in New York with family £8k total cost all funded by my % increase in my ISA with HargreavesLandsdown!!!)
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Big Truck:
Winseer:
With the “average age of a driver” now being over 55, I’d suggest you can either opt out at that age, or pay in, and then ask for a refund should you then move on after only a short period…“Refunds” might even return rather more than the original amount invested minus losses since, indeed…
DO NOT ask for refund after being with company only a few months/years!!!
Speak to a specialist Broker like “HargreavesLandsdown” etc about transferring ALL your separate pensions into ONE single SIPP (Self Invested Personal Pension)
Look up their “wealth50” recommended funds and put your pension money into a few different funds spread out across the world.
Low charges and sit back and watch your money grow whilst Sat on fat arse like me!!!(Just back from week in New York with family £8k total cost all funded by my % increase in my ISA with HargreavesLandsdown!!!)
Sent from my SM-A125F using Tapatalk
Sounds interesting… But I presume you can not remove or touch the ‘pension money’ until you retire right?
adam277:
Big Truck:
Winseer:
With the “average age of a driver” now being over 55, I’d suggest you can either opt out at that age, or pay in, and then ask for a refund should you then move on after only a short period…“Refunds” might even return rather more than the original amount invested minus losses since, indeed…
DO NOT ask for refund after being with company only a few months/years!!!
Speak to a specialist Broker like “HargreavesLandsdown” etc about transferring ALL your separate pensions into ONE single SIPP (Self Invested Personal Pension)
Look up their “wealth50” recommended funds and put your pension money into a few different funds spread out across the world.
Low charges and sit back and watch your money grow whilst Sat on fat arse like me!!!(Just back from week in New York with family £8k total cost all funded by my % increase in my ISA with HargreavesLandsdown!!!)
Sent from my SM-A125F using Tapatalk
Sounds interesting… But I presume you can not remove or touch the ‘pension money’ until you retire right?
Until your 55yrs old.
Will be same with your “lost” agency pensions.
At min 55yrs old you can take put a 25% tax free lump sum or leave invested until you want you money to do with whatever you please.
Start contributing monthly amount and Gov top amount up by 20% each time so £125 from you gets you £150 into pot each month more/less!!!
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Winseer:
With the “average age of a driver” now being over 55, I’d suggest you can either opt out at that age, or pay in, and then ask for a refund should you then move on after only a short period…
So basically your advice is to take a voluntary 3% pay cut and to make yourself poorer in retirement.
It costs you just £40 out of take home pay to add £80 to your pension…
You put in £40
Your employer puts in £30
You get £10 tax relief
“Refunds” might even return rather more than the original amount invested minus losses since, indeed…
First of all you can only get a refund if you opt out within one month of them signing you up to the scheme. Secondly you won’t get more than you paid in. The tax relief you got on the pension contribution will be due so that £100 you paid in to your pension won’t be refunded, the £100 will now be treated as taxable income and income tax applied so you’d only see £80, the amount it cost you out of take home pay. There is not going to be 25% growth in the timescales involved.
Please don’t give anyone any financial advice ever. Anyone who tells you to opt out of a pension is the last person you should be asking about anything to do with money.
Conor:
Winseer:
With the “average age of a driver” now being over 55, I’d suggest you can either opt out at that age, or pay in, and then ask for a refund should you then move on after only a short period…So basically your advice is to take a voluntary 3% pay cut and to make yourself poorer in retirement.
It costs you just £40 out of take home pay to add £80 to your pension…
You put in £40
Your employer puts in £30
You get £10 tax relief“Refunds” might even return rather more than the original amount invested minus losses since, indeed…
First of all you can only get a refund if you opt out within one month of them signing you up to the scheme. Secondly you won’t get more than you paid in. The tax relief you got on the pension contribution will be due so that £100 you paid in to your pension won’t be refunded, the £100 will now be treated as taxable income and income tax applied so you’d only see £80, the amount it cost you out of take home pay. There is not going to be 25% growth in the timescales involved.
Please don’t give anyone any financial advice ever. Anyone who tells you to opt out of a pension is the last person you should be asking about anything to do with money.
You put in £2000, your employer puts in £1500, you get £500 tax relief.
You’re over 55 already, and the scheme is paid-up. No more contributions will be made, because (for example) you’ve just switched from one agency to another… but the monies stay invested and presumably tied to the FTSE, which is already showing signs of topping out.
If you take the money by NOT carrying the amount over to a new scheme, then you pocket £4000 less 20% tax, assuming you are still on base rate tax. This leaves you with £3200 when you only paid in £2000 of your own money to begin with.
The money paid in by the employer is NOT refunded to the employer.
Full taxes at your prevailing rate are due on any amount taken out in this way.
It’s not advisable for LARGE sums, true - but for small 3-4 figure amounts?
I’d say taking out £3200 for something I’ve only paid £2000 into over 2 years - isn’t a bad deal, and isn’t then going to be front-loaded with commissions and start-up fees deducted, should you choose to carry that amount over into a new fund instead.
When it comes to “Advice” - one needs to take a view on the future direction of the market as well, of course.
I wonder how many of you out there would get the financial advise right now to say, take out a 2, 5, or longer FIXED RATE mortgage at current rather high levels…?
I’d say the best advice there is to sit tight on your base rate tracker, with the market pricing in rates topping out at 6% by the end of this year… NO point fixing @ anything ABOVE 6% with rates likely to fall after next year - is there?
Tipping people therefore to take out anything “Fixed” at the top of the market - is a surefire dumbass way to lose thousands over the coming years, if you’re daft enough to listen to the actual “Experts” like the Bank of England, or so-called Financial Advisors.
The missing piece of the puzzle that you assumed against my comments above - was that the money paid in by the employer “is refunded as well”. It isn’t. But the sum in total - is YOUR fund, taxable or not.
There wouldn’t be much point in having compulsory enrolement otherwise - would there?
Oh yes, I almost forgot:
If you opt out of a new scheme before you start it, then your new employer, is side-stepping paying in their contributions on your behalf from the word go…
Guess who gets that last premium rate shift, when New Guy (a) needs employer top-up contributions, and New Guy (b) - has opted out, making the latter - rather cheaper to assign to any shifts with, pretty much forever…… 
Winseer,
You don’t have post some utter DUNG!!!
You CAN’T “withdraw” a pension ANY pension until your min 55yrs old AFAIA!!!
The OP I don’t think is near that age so he’s asking advice on how to find out what pensions he has “lying about” ref agency work over a number of years I guess.
His only option is to leave them all be or transfer them in bulk into his current job or better IMHO into a SIPP that he can control himself about how much/little he contributes and also what to do with said SIPP when he turns 55yrs old!!!
There are PLENTY of options but withdrawing the monies invested ISN’T one of them!!!
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If you withdraw your pension before age 55 you would incur the 55% tax penalty rate. There are some exemptions such as trivial commutation up to £30,000 and the small pots rules. But I don’t think they would apply.
Winseer:
Oh yes, I almost forgot:If you opt out of a new scheme before you start it, then your new employer, is side-stepping paying in their contributions on your behalf from the word go…
Guess who gets that last premium rate shift, when New Guy (a) needs employer top-up contributions, and New Guy (b) - has opted out, making the latter - rather cheaper to assign to any shifts with, pretty much forever……
I’ve been with my current employer for 4 years(not opted out of anything)…Guess who’s contracted for 19 hour per week…but worked the last 5 Sundays? 
commonrail:
Winseer:
Oh yes, I almost forgot:If you opt out of a new scheme before you start it, then your new employer, is side-stepping paying in their contributions on your behalf from the word go…
Guess who gets that last premium rate shift, when New Guy (a) needs employer top-up contributions, and New Guy (b) - has opted out, making the latter - rather cheaper to assign to any shifts with, pretty much forever……
I’ve been with my current employer for 4 years(not opted out of anything)…Guess who’s contracted for 19 hour per week…but worked the last 5 Sundays?
If you’re already able to land the plum jobs without any fancy footwork - then all power to you. Most people over 55 - are not in pole position for pecking order, don’t forget. My advice is for the majority, rather than the “I’m alright Jack” gods of driving at the very pinnacle of their agency careers…
stu675:
If you withdraw your pension before age 55 you would incur the 55% tax penalty rate. There are some exemptions such as trivial commutation up to £30,000 and the small pots rules. But I don’t think they would apply.
Attempting to take your pension before age 55 - is a “No No” given.
If you’re that desperate for some cashflow that you’d go for such a huge penalty attached, then those people I reckon are the ones the pension scammers aim their pitches at: You know, the ones who say “Release your pension early for <10% penalties.” Seems too good to be true of course, exactly because it is just that.
stu675:
the maoster:
How to find a lost pension | The People's PensionOther providers are of course available. .
Rightly or wrongly, I would trust the government first to not rip me off
gov.uk/find-pension-contact-details
I wouldn’t. Not when you now see in plain sight - the Bank of England weaponized for government policy, by “encouraging” the masses to fix at the top of the market, “Whilst high rates last” - you understand.
All talk on the Media has been about "People about to end their previous fixed-term (and bum) deals.
As such, the “Fools in the market” were already clearly identified: Those punters who didn’t seek out base rate trackers whilst rates were clearly falling, and missed out on the fixed rate deals at the BOTTOM of the market just 3 years back, that strangely were not touted very much by the lending banks at the time…
Winseer:
stu675:
the maoster:
How to find a lost pension | The People's PensionOther providers are of course available. .
Rightly or wrongly, I would trust the government first to not rip me off
gov.uk/find-pension-contact-detailsI wouldn’t. Not when you now see in plain sight - the Bank of England weaponized for government policy, by “encouraging” the masses to fix at the top of the market, “Whilst high rates last” - you understand.
All talk on the Media has been about "People about to end their previous fixed-term (and bum) deals.
As such, the “Fools in the market” were already clearly identified: Those punters who didn’t seek out base rate trackers whilst rates were clearly falling, and missed out on the fixed rate deals at the BOTTOM of the market just 3 years back, that strangely were not touted very much by the lending banks at the time…
0
It’s not a “Conspiracy Theory” that Government and Bankers conspire against the Public - it’s long-established fact.
Governments are not in control of the markets. 5 year fixed interest rates are set based on the sum total of all information available and subject to market competition. Unless you have a working crystal ball, there is no “good” time to fix. Just lucky and unlucky depending on what occurs in the future.
And I’m the last couple of months we’ve lost my girls boyfriends dad ( just turned 66 ) & bil 2 weeks ago at 67 , both what you’d put down as healthy for age
You can plan as much as you want for retirement but but you can’t plan when your going ( unless you top yourself )
Sister is devastated , had so many plans , just booked a cruise , massive heart attack ,
Lot to be said for spend it while you can , as the saying goes you can’t take it with you
