• Free Pension Check Form

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Take control of your frozen pension

Do you have a frozen pension? Not sure? A frozen pension is a term often used to describe old workplace pensions that you’re no longer contributing into. Technically, a frozen pension is more accurately known as a ‘Preserved Pension’ as the pension isn’t frozen and you should still be receiving the providers’ annual statement with a pension fund value and can access the funds.

A recent survey quoted that the average person will have around 11 jobs* throughout their careers and many of these could include a workplace pension as part of the salary package.

Does a ‘Frozen Pension’ still grow?

The short answer is ‘Yes’, your frozen pension should still grow. The rate of growth could be reduced though as you nor your old employer will be contributing to the pension. The pension performance could also be affected by providers fees, market conditions and poor investments all reducing the retirement funds you could be enjoying, and in extreme cases completely erode the fund.

  • Free Pension Check Form

  • :

Take control of your frozen pension

Do you have a frozen pension? Not sure? A frozen pension is often a term used to describe old workplace pensions that you’re no longer contributing into. Technically, a frozen pension is more accurately known as a ‘Preserved Pension’ as the pension isn’t frozen and you should still be receiving the providers’ annual statement with a pension fund value and can access the funds.

A recent survey quoted that the average person will have around 11 jobs* throughout their careers and many of these could include a workplace pension as part of the salary package.

Does a ‘Frozen Pension’ still grow?

The short answer is ‘Yes’, your frozen pension should still grow. The rate of growth could be reduced though as you nor your old employer will be contributing to the pension. The pension performance could also be affected by providers fees, market conditions and poor investments all reducing the retirement funds you could be enjoying. In extreme cases, the pension fund could be completely eroded due to the charges.

Can I move a ‘Frozen Pension’?

Depending on the type of pension you have, you should be able to move frozen pensions into a more suitable policy. There could be restrictions and exit fees put onto the pension if you move, so it’s always advisable to get a full breakdown on the terms of the pension policy.
If you were employed in the public sector and received a defined benefit pension as part of your salary package, these are usually unfunded schemes, and you may not be able to move these pensions.

What are the options for a ‘Frozen Pension’?

There are many options you can take when looking at your Frozen Pension.

Leave the pension where it is – If the pension is still performing and you have control of it, it may be wise not to move it

Combine your pension funds – Combining your pensions into one performing scheme, may make it easier to keep on track of and manage

Release a lump sum – Due to pension freedoms, you may be able to release a tax-free lump sum from your frozen pension

Move to a modern pension – Old workplace pensions set-up many years ago may not offer the flexibility and online access that is enjoyed by modern pensions

Why use Pension Works?

If your pension funds are valued over £30,000, and you’re looking at your options for your frozen pension, we recommend that you take professional advice to ensure you’re making the right decisions with your financial future.

Our job as pension specialists mean we will assess all your current pension provisions and deliver a comprehensive report that will outline all your options. The report will explain how your current pension(s) are performing and whether there are better products for you on the market. We call our service a ‘Pension HealthCheck’ and is entirely free and without obligation.

Where our advice is to move or combine your frozen pension into a more suitable policy, we can handle this for you, making it as smooth and straightforward as possible. Our fees for this service are among the lowest in the industry.

*https://www.gov.uk/government/news/new-pension-tracing-service-website-launched

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Why Pension Works?

Our open and transparent service always puts you first, and our advice would be in your best financial interests.

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Who we work with

As independent financial advisers, we are not tied to any pension provider. This allows us to work with the whole of the market; ensuring we find the right pension for you.

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