Where are your pensions?
Do you have a clear pension plan? I have to admit mine is all a bit befuddling. I worked for a number of years for one council as a social worker then it became a different council but I stayed in the same job. Then I stayed with the council but got a different job. Confused yet? I certainly was. Next I took a career break for 6 years but then I never actually went back.
I have had pension confusion and made no contributions now for a number of years.
I am very nearly 45.
That’s not great is it? I know a lot of people in a similar boat who need to get their pensions all in one place and their pension savings on track.
Last week I was asked to review PensionBee who specialise in bringing pensions together and I have been having a go on their portal. Let me show you how it all works.
PensionBee is an online pension manager that helps customers find and combine their old pensions into a good value online plan.
It’s a super speedy process. You simply give a few details online on the PensionBee website, and from there the company will automatically track down your old pensions. How great is that… so useful and saves you digging through piles of paperwork. Typically the tracking down takes around three to four weeks, as the PensionBee Beekeepers have to tackle some unhelpful pension providers.
Once found they’ll then put the pensions into one of three plans, which you choose. These reassuringly are managed by BlackRock or State Street – two of the largest money managers in the world. The plans are explained really simply through short and clear online videos – with no jargon at all!
Once this has been set up you then have access to an online pension dashboard called The BeeHive where you can track your new pension 24/7. What I really like about this scheme is how easy it is to make one-off or regular contributions into your plan. Tax relief is added to each new payment.
Working out how much to contribute
You can also simply work out what kind of return you will get on your monthly investments by using the payment calculator.
PensionBee was launched in January 2016, PensionBee is UK’s first online pension manager where customers can find and combine their pensions into an online plan by simply giving a few details online. They pride themselves on having no jargon, no piles of paperwork and no surprise fees.
They also keep all your key documents in one place for you to access easily. Now that is useful!
Confused or worried?
They include a really good Q&A on pension scams on the site too. It answered loads of questions I had so do have a look here
This is a great service to take away the mystery of missing pensions, how much you need to save and what the different pensions entail. I found it really easy to use and love the way it puts your pension in one place, and would recommend it to anyone struggling to find their way with pensions.