Stupid question...

RedfordML

Your pension is run from you NI number and contributions made, will be automatically paid when you retire?

If you've held multiple jobs and pensions (I haven't!!) you wont have to go chasing all pension pots, when you retire?


Just a how do they work / get paid if you say changed your job every year or two and paid into pensions each time?

Thanks, (sorry very new to pensions, despite being 38!!)

JoeCrystal

It depends on the type of pension you pay into. The onus is on you to keep track of the pension pots. You may be able to transfer the old workplace pension into the new workplace pension scheme if it is a DC pension scheme for example (if it is cost-effective).

dunstonh

Your pension is run from you NI number and contributions made, will be automatically paid when you retire?

Only the state pension is linked to your NI number.

For individual provision, the NI number is only a way to measure your contributions and tax relief eligibility.

If you've held multiple jobs and pensions (I haven't!!) you wont have to go chasing all pension pots, when you retire?

An individual pension is like having a bank account. You have an acount number and are given statements each year. You can also transfer/merge pensions so you dont end up with too many.

RedfordML

Where is this account number found? Could I see today if ive actually paid into pensions without realizing it? Is it a "central" body that holds all pensions???

JoeCrystal

RedfordML wrote: »

Where is this account number found? Could I see today if ive actually paid into pensions without realizing it? Is it a "central" body that holds all pensions???

The number is generally on the documents you get when you get enrolled into a pension scheme or on the annual statements.

No central body holds all the pension scheme. There is a plan afoot for Pensions Dashboards which will let you see all of your pension savings at the same time, but that is a very long time in coming.

It might be worth checking your payslips in the past to see if anything has been deducted for the pension. My payslip says AEGON for my employee contribution for example. But generally speaking, if you actually did pay into the DC pension scheme, you would be getting an annual statement for the plan in question.

MallyGirl

... if you have kept former employers up to date with house moves so they know where to send the annual statement

RedfordML

If I "forget" or haven't realised in the past ive paid pension payments, is that money lost? Having held 10+ jobs in last 18yrs, I wouldn't even know??

RedfordML

Ok. As im just starting out (I believe ive never paid into any before!) to keep a record and if I transfer jobs, I tell the employer on leaving my address and where to send statements, thanks for the advice.

JoeCrystal

RedfordML wrote: »

If I "forget" or haven't realised in the past ive paid pension payments, is that money lost? Having held 10+ jobs in last 18yrs, I wouldn't even know??

No, it is not lost if you paid pension contributions. Is it mostly small private companies you worked for over the last eighteen years? The auto-enrolment only kicks in from 2012 to 2014 for major employers with the rest since 2014 and all from 2017. By the way, if it is a public sector organisation, you may be able to chase up the relevant pension department.

JoeCrystal

RedfordML wrote: »

Ok. As im just starting out (I believe ive never paid into any before!) to keep a record and if I transfer jobs, I tell the employer on leaving my address and where to send statements, thanks for the advice.

If you know who is the pension provider, you can get in touch with them directly to update the addresses.

RedfordML

perfect, thanks again JoeCrystal, so any pension I enter into, keep the details, provider and contact details and I will always be able to update! been a big help thanks