A report published in last weeks Business Post, outlines the Pensions Ombudsman warning that thousands of Irish people could be missing out on “lost pensions”.
The Pensions Ombudsman, Paul Kenny, said that his office has seen an increase in queries from “people who believe they have a pension entitlement, but just can’t find it”.
The difficulties in locating pension entitlements arose when employees changed jobs frequently, or their former employers relocated, were bought out by other companies, changed their names or went out of business.
If you have made contributions to a pension in a previous employment, you need to review and take control of your retirement entitlements immediately.
In many cases there is a time limit which if it is passed will mean that additional charges may apply to any future changes in your pension.
Your pension fund is portable, once you are no longer working for the same company you have multiple options available to safeguard and grow your money until you decide to retire. There are many benefits in taking control of your pension and safeguarding your hard-earned fund is one of the key ones.
Speak to our pension consultants if you have benefits still sitting with your old employers.