Frozen Pension

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A Comprehensive Frozen Pension Guide

If you have old pensions from previous employments, the last thing you should is to lose track of them. When most Brits change jobs, they tend to leave their old occupational pension schemes and start a new one with their new employer. Most people call these “a frozen pension” as you can no longer pay into it. Some of these inactive pensions could be subject to hefty charges and it is important that you track them down to see how they are performing. 

A 2017 research showed that a fifth of British Adults loses track of multiple frozen pension. It is recommended that you keep track of all your savings so that you can see how they are performing and what fees they are being charged. Here are all the important details you should about frozen pensions.

What exactly are Frozen Pensions?

The term “Frozen Pension” is commonly used to describe a workplace pension from a previous employer, into which you can no longer make contributions to. The correct term for frozen pensions is either Paid Up Pensions or Deferred Pensions. They are called “frozen” because you cannot be able to make any further payments into them.

You can still take pension benefits from frozen pensions when you reach your retirement age. Depending on the type of deferred workplace pension you have, the pension fund will remain.  While this investment will continue to grow or fall, you, your previous employer and the current employer cannot make further contributions. However, you should receive annual illustrations of the benefits and projections of income from your trustee or fund provider.

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How Can I Track Down Frozen Pensions?

The best way you can track down details of your old pension providers is to:

  • Contact the Pension Provider

If you contact your former workplace HR Department, they should be able to provide you with details of the company that was administering your pension. You can then contact them and ask them to trace your pension details. Make sure you give them as much information as you have so they can have an easy time finding your old account.

Once you have these details, Hilltop Finance would be happy to carry out a pension review, to find out how the pensions are performing and If they could be performing better.

Why Should I Do With My Frozen Pensions?

Once you have found your frozen pensions, you should get a review from an independent financial advisor who will go through the statements carefully, check the performance of your pension and amount of fees you’re being charged. If your old pension is in a fund that has high administration charges and isn’t performing, an independent financial advisor can recommend the best pension fund for you to transfer to.

Speak to one of our Independent Financial Advisors who can handle everything from the pension review all the way through to the necessary paperwork on your behalf. Note that is it a legal requirement if you have a defined benefit pension that you hire an advisor if the value of your old pension is £30,000 or more.

Why Should I Do With My Frozen Pensions?

Once you have found your frozen pensions, you should get a review from an independent financial advisor who will go through the statements carefully, check the performance of your pension and amount of fees you’re being charged. If your old pension is in a fund that has high administration charges and isn’t performing, an independent financial advisor can recommend the best pension fund for you to transfer to.

Speak to one of our Independent Financial Advisors who can handle everything from the pension review all the way through to the necessary paperwork on your behalf. Note that is it a legal requirement if you have a defined benefit pension that you hire an advisor if the value of your old pension is £30,000 or .

Why Should I Consider Consolidating My Pension?

Even if you know where all your frozen pensions are and how much is in them, there’s still the question of whether or not you should combine them into a single pot. By consolidating all your pensions before retirement, you may benefit from lower charges by virtue of having a larger combined fund.

 In addition, a single pension pot is easier to manage and you will have an easy time choosing your options at retirement. However, it is important that you first check if there are termination penalties and whether you will miss out on bonuses or if the transfer will result in other adverse consequences.

Contact us at Hilltop Finance to help you out with your frozen pensions. 

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Hilltop Finance understands that pensions can be confusing. That is why our friendly advisors are on hand to help you understand your pension better and ensure its performing the best it can.

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