Make sure your pension ends up in the right hands

According to figures from insurer Royal London, around three-quarters of a million people risk leaving their pension to the wrong person.

This generally occurs when someone’s circumstances have changed but they have not updated their ‘expression of wishes’ form or other important details.

For example, they may have divorced. However, even if they are now living with a new partner, the original instruction to the pension scheme or pension provider remains valid until it is actually revoked or changed.

Things are complicated further by the fact that, according to data from the Department of Work and Pensions, the average person collects 11 pensions through their working life.

Trying to track down all these schemes and make sure that all of them are kept up-to-date with your wishes can be quite a challenge.

Thankfully, there is at least a government site that helps you trace lost pensions. You can find it here.