Pension Tracing
What is Pension Tracing?
Locating your old pension isn’t just about curiosity; it’s crucial for your future financial security. Your pension funds represent years of hard work and saving, so having a clear picture of your retirement income is essential. By finding your old pension, you can assess your total pension pot, understand investment performance, and make informed decisions about your retirement planning, such as ensuring you’re saving enough. Consolidating pensions simplifies financial management, as multiple pensions can be challenging to track and may lead to administrative complexities and fees. Moreover, tracking down your old pension can reveal valuable benefits and options, such as reduced fees and better allocation rates, that could significantly impact your retirement income.
Did you know?
It is estimated that there are more than €400 million in unclaimed pension benefits that should have been transferred into estates but remained unclaimed because they were not registered in the individual’s name at the time. These unclaimed pensions represent a significant sum of money that individuals are entitled to but have not yet accessed.
Why Pension tracing is important?
Pension tracing is crucial as it ensures individuals can reclaim and maximize their retirement savings, which might be forgotten or lost due to changes in employment, addresses, or financial institutions. By locating and consolidating all pension accounts, individuals can comprehensively understand their retirement fund, make informed financial decisions, and secure a stable and comfortable retirement. This process helps in financial planning and prevents the loss of hard-earned money, contributing to better financial well-being in later years.
Google Reviews
Start a Retirement Planning today and secure the future of your dreams!
Planning for retirement is a significant milestone. Whether you’re just starting to think about retirement or are already well into your retirement journey, this guide will help you make informed decisions and create a retirement plan that aligns with your financial goals. And it’s totally FREE! Don’t wait, download now!
Your journey towards financial freedom starts here!
After you download your guide, one of our expert Financial Advisors will be in touch shortly to provide you with guidance and further relevant information to build you a customised retirement plan.
Start your journey today. Take the first step to achieve all your financial goals.
Meet our Team of Expert Advisors
How do I find lost or forgotten Pensions?
Gather information
Assemble details about your former pensions, including employer names, employment periods, and your Personal Public Service (PPS) number. Annual pension statements from past providers can also be invaluable sources of information.
Ask previous Employers
If you’re uncertain about your pension provider, reach out to your previous employers to enquire about the pension schemes associated with your employment. If you have provider details, provide them with relevant information, such as plan numbers and date of birth, to help in locating your records.
Seek Professional Advice
If you have difficulties with the pension tracing process, our financial advisors can offer valuable guidance. Not only can they locate all your pensions, but they can also potentially consolidate them into an effective retirement plan.
What do I need to do if I discover an old Pension?
Once you’ve located forgotten pensions, it marks the beginning of a new phase where you have the power to decide their fate. You can choose to leave your pension where it is, allowing it to grow within the existing scheme until your chosen retirement age. Alternatively, if your new job provides a pension scheme, consider transferring your savings for active control over your pension pot. Another option is to transfer into a Personal Retirement Bond (PRB), offering investment flexibility and potential benefits such as different retirement age options or tax-free lump sum withdrawals. However, it’s essential to discuss PRB options with our specialists as some may entail higher fees. If you’re uncertain about your old pension’s future, our team can provide guidance tailored to your financial circumstances and retirement goals.
Still need more information? Let us help you plan your dream retirement. Send us a message or freephone us on 1800-828-800
Your Questions Answered
We’re living longer than previous generations. Upon retirement, on average we will have 20-30 years of retirement. A pension plan will make sure you’re financially sound for these years. Whether you wish to travel, retire to the country, or spend time with your children & grandchildren.
The amount you will receive per month entirely depends on how much you’re willing to pay per month, the length of time you’ve been making contributions, the type of pension plan and its investment return. You can also choose to receive a lump sum upon retirement or not.
As of today, the State Contributory Pension is about €240 per week. For most people, during their 20-30 years of retirement, this simply isn’t enough. When you pay into a pension plan, you will receive both the state pension (If available to you) and your Pension Plan.
Tax relief reduces the actual cost of your pension. You do not have to pay tax on money that you put into a personal pension (This falls within the limits set out below). This is calculated at the highest rate of tax you pay (Currently 20% / 40%)
Example:
Monthly contribution = €100
Tax Relief (40%) = €40
Cost to you = €60
Warning: Past performance is not a reliable guide to future performance.
Warning: The value of your investment may go down and up.
Warning: If you invest in this product, you will not have any access to your money until you retire.
Warning: If you invest in this product, you may lose some or all of your investment.
Warning: This product may be affected by changes in currency exchange rates.
Stay infomed! Explore our latest posts and stay up-to date.
Career opportunities at LowQuotes.
Here at LowQuotes, we want to ensure that our customers achieve all their financial goals, no matter what stage of life they are at. If you have a passion for connecting with people and aspire to thrive in a culture built on trust, integrity, dedication, and excellence, this could be the perfect fit.
