Sorting out paperwork, what can I bin?

Sunshine_and_Roses

Do I need to keep annual benefit statements or can I start shredding? I have three pension plans and need to get organised with paperwork, am I right in thinking that I just need the original benefit details and the latest benefit statement to refer back to?

Same with mortgage statements, though it has been good seeing the interest decreasing over the years!

I know this is a trivial question but trying to condense paperwork for when/if anything happens to me.

Ganga

clareski wrote: »

Do I need to keep annual benefit statements or can I start shredding? I have three pension plans and need to get organised with paperwork, am I right in thinking that I just need the original benefit details and the latest benefit statement to refer back to?

Same with mortgage statements, though it has been good seeing the interest decreasing over the years!

I know this is a trivial question but trying to condense paperwork for when/if anything happens to me.

I do not know the legal answer but we were in the same situation, i kept the original paperwork from setting up pensions/morgage and also last two/three months and shredded the rest ( took ages,the shredder heated up and stopped for a while )
You could always photocopy everything and store it on a computor but why? with 2/3 months you can compare each month and watch the morgage amount drop and the pensions grow:T

Kynthia

Keep payslips and P60s. Keep letters regarding changes to your pension, your latest annual benefit statements, and the statement of deferred benefits from when you left a DB pension.

I know keeping payslips seems a lot, but they are really useful for dates of employment, proving you were a member of the pension scheme and perhaps which one, unpaid breaks (sick leave, maternity, special leave, etc) which can affect DB pension calculations, etc. If storage is an issue then scan them and keep them electronically.

Sunshine_and_Roses

Thank you both, that's great advice. Going to get sorting now ��

Ganga

I also kept all my payslips ( well from my last job/employer that lasted 8 years ) and also my wifes,when we retired took some shredding!

Spelunthus

I have a scanner. I scan and shred all but the most essential documents. A couple of time a year I need to refer back, and can view or print out the document I need. Never had an issue and the filing is so much easier.

stup1973

I get paid weekly. Once I confirm my wages are correct I Bin the wage slip. Why keep it? Employer will have a copy if needed and P60 will confirm your annual wage.
Guy I work with keeps his wage slips for some strange reason.. Probably using them as insulation

badmemory

I used to keep payslips until I got the relevant P60, checked it all added up then binned the payslips. Keep any change of circumstances type stuff. Employers may not provide copies & are actually not permitted to re-issue P60s, so scanning in (provided they are backed up) may be a good idea.


Remember that some of this documentation may be needed when you reach retirement age. Although it is less likely to happen now, it has been known for some companies to not have all their employees as employees with HMRC. Without your P60s you cannot prove that you have paid NI to get your state pension. With your P60s HMRC will credit you & go after your employer.

So remember any backup may need to last over 40 years!

Kynthia

If you have an issue with a workplace pension, you often won't know until you are in your 60s, and maybe even later in the future. So by not keeping paperwork you are relying on employer's keeping accurate records for decades.

With lots of employers outsourcing HR, putting personnel files into external long-term storage facilities where there is risk of loss in transport, water damage, or deteriation from poor conditions, changing computer systems every few years and retaining old data on disks which get lost or corrupted, then there is a lot of risks to your data. Pension administrators get changed by companies and only basic data transferred, plus business being bought out, closing down, or changing names, or split and sold can all mean your data is lost or hard to find.

So I think you should keep P60s and some documentations, but anyone in DB final salary pension schemes should keep all payslips from that employer due to how the details of your entire service is used to calculate your pension. Annual benefit statements are only estimates and can be changed, so are no replacement for keeping all your own details.

luvchocolate

I retired 2 years ago and have always kept P60 and anything from the tax office.
I know have a file for each pension provider with the opening details payment dates etc, really to make it easy when my Son has to deal with anything.

m_c_s

There are plenty of mobile apps that can be used to scan and store important documents. I use Scanner Pro on iPhone that scans, auto cuts and processes single or multiple pages into a pdf or word. It's just like taking a photo. Scanner Pro then uploads to an encrypted offline or online storage. Very easy to use and ideal if you want to go paperless.