Most people in the UK these days tend to have online access for their bank accounts which we can see via a desktop PC, tablet or mobile phone. This is access is really useful as it allows us to track our own money and understand in an instant, what funds we have.
Although slow to come to the party, all major providers of Workplace pensions now also offer this on-line facility to allow members to have visibility of their pension via one or all of these above methods. It is important to note however this is very much driven by how old or new the contract you have is, with older style contracts not generally being available online.
Every provider’s on-line offering will be different, but the most commonly available online features allow you to:
- See an up to date value of your pension
- See where your monies are invested, i.e. which investment funds you are investing within
- Change your investment strategy if required
- See how much you are currently investing into your pension
- See what your selected retirement date is on your pension
- Change your target retirement age – if the default one is no longer appropriate
- Make changes to your home address or other personal details
- Update your nomination of beneficiaries for death benefit purposes
If you haven’t already done so then we would strongly recommend that you take 5-10 minutes to register for online services with all pensions, where available, that you may have accrued over the years. Details of how to do this will be shown on the latest pension statement that you would have received from your pension provider.
If you can’t find your latest statement, don’t remember receiving one or have any questions whatsoever regarding online access then please contact your pension provider and they will be able to help.