Keeping paperwork.

Moonwolf

I pulled out my pension files today, the stack is almost two feet high and that is even though a lot of stuff nowadays in electronic.

I’m not usually a hoarder but obviously 18 months and 6 years rules don’t apply as problems can still appear after 40 years, even after the pension is in payment.

I have started by throwing away duplicate MoneyHelper booklets but that is about it so far.

One folder contains all the paperwork for what was a freestanding AVC with Allied Dunbar that changed to Zurich then I transferred the pot into my BT group DC scheme when I joined them. I still have every letter, every annual update and even every glossy brochure. (The AVC was a good idea, the choice of provider was less wise given the fees). I haven’t had a commercial relationship with Zurich for 20 years now.

Another contains the original documentation for a deferred DB scheme and all subsequent letters, including the estimate when I left the company, the trustee updates and the recent buyout documentation, where the figures match precisely all previous estimates. If the current figures are right, is that good enough?

There are others for the NHS pensions and other bits and pieces.

What are other people keeping and when do they finally relax and throw it away.

elsien

I don’t hang onto paperwork for something I’ve transferred out of once I’ve checked it’s correct.

SarahB16

Moonwolf said:

I pulled out my pension files today, the stack is almost two feet high and that is even though a lot of stuff nowadays in electronic.

I’m not usually a hoarder but obviously 18 months and 6 years rules don’t apply as problems can still appear after 40 years, even after the pension is in payment.

I have started by throwing away duplicate MoneyHelper booklets but that is about it so far.

One folder contains all the paperwork for what was a freestanding AVC with Allied Dunbar that changed to Zurich then I transferred the pot into my BT group DC scheme when I joined them. I still have every letter, every annual update and even every glossy brochure. (The AVC was a good idea, the choice of provider was less wise given the fees). I haven’t had a commercial relationship with Zurich for 20 years now.

Another contains the original documentation for a deferred DB scheme and all subsequent letters, including the estimate when I left the company, the trustee updates and the recent buyout documentation, where the figures match precisely all previous estimates. If the current figures are right, is that good enough?

There are others for the NHS pensions and other bits and pieces.

What are other people keeping and when do they finally relax and throw it away.

Personally, I would never throw any of it away if I received it directly from one my pension or AVC providers.  

Even when in payment what happens if they say, 'oh sorry we have overpaid you please pay back £x'. You can then refer to what you were told you would receive and could challenge them but if you had thrown it away you couldn't.   

Perhaps in c.20 years or so when people hold digital records for all contributions then yes but for many of us who first started contributing into our pension c.25 years ago so much of what we received was on paper and pension details were provided in nice glossy brochures. 

By way of an example, I believe one of my DB pension forecasts is calculated incorrectly (one tranche of it) as they appear to be capping the annual RPI growth to 5% per annum but the actual cap should be averaged out from when I started contributing to when I reach 60.  How could I challenge them if I had thrown that pension booklet away.  

HedgehogRulez

Boomers ! 😆

artyboy

HedgehogRulez said:

Boomers ! 😆

Mrs Arty has paper bank statements from the 1980s, and we are both mere Gen Xs...

artyboy

HedgehogRulez said:

artyboy said:

HedgehogRulez said:

Boomers ! 😆

Mrs Arty has paper bank statements from the 1980s, and we are both mere Gen Xs...

Says a lot about your wife!

Fair to say you'll never see me starting one of those "I can't track down my account/pension" type threads.

Cobbler_tone

I have zero paperwork for environmental purposes. Certainly not for pensions but some things are unavoidable.
I bet some of you still use cash.
It’s 2025.

elsien

Cobbler_tone said:

I have zero paperwork for environmental purposes. Certainly not for pensions but some things are unavoidable.
I bet some of you still use cash.
It’s 2025.

Using cash alongside other payment methods is a bad thing? Try being in a car park with no Wi-Fi signal and your phone not working. For example. 

Cobbler_tone

elsien said:

Cobbler_tone said:

I have zero paperwork for environmental purposes. Certainly not for pensions but some things are unavoidable.
I bet some of you still use cash.
It’s 2025.

Using cash alongside other payment methods is a bad thing? Try being in a car park with no Wi-Fi signal and your phone not working. For example. 

Unless it is unavoidable, I rarely see the need for cash. Not many coin only carparks left regardless of internet coverage.
Had a funny with my FIL. He said he liked Bills restaurants but refused to go there because they won't take cash. He said they must lose loads tons of business. I said "no, it's probably just you" 

I think cash will disappear in the next generation or two. 

elsien

All it needs is the power to go down somewhere to find out that cash still has its uses. Local supermarket the other day was cash only for most of the day. or on a larger scale the power outage in Spain back in April. I always carry some  cash with me, just in case.

A lot of people who are less well enough still use cash to help them budget. Virtual pots don’t work for everyone. So I really hope you’re wrong. 

Moonwolf

Cobbler_tone said:

I have zero paperwork for environmental purposes. Certainly not for pensions but some things are unavoidable.
I bet some of you still use cash.
It’s 2025.

The only reason I have a Monzo card is that I found I was constantly bailing out the young people at work with cash when things didn’t work, they all had Monzo cards so it was the easiest way for them to pay me back.

Old paperwork is unavoidable, I still have at least all my March and a signed statement of my NHS (“1995”) pension position I was given when I left in 1998. I couldn’t have chosen to have that electronically in those days and I’m not convinced a scanned copy has the same validity if someone decides my now £5,600 a year that should start next month doesn’t exist. Obviously all my payslips are electronic now as are my statements.