Checking your workplace and personal pensions
It’s important to check your pension to make sure you’re saving enough for retirement, you understand the fees you’re paying, and you’re happy with how your pension is being invested.
If you’ve got workplace pensions, and/or private pensions, you should receive statements each year showing you how much money is in your pension pots and how your investments are performing. If you’re unsure about whether you’ve got a pension in the first place our “Do I have a pension?” tool could be a good starting point.
Checking your pension online
Some pensions - including PensionBee pension plans - come with online accounts. This means you can log in to your account to check your pension any time, just like you check your bank balance from your online banking portal.
If you’ve got a PensionBee pension, your online account is called your BeeHive, and from here you can see your pension balance. You can also see a list of recent transactions in your activity log and check the historic performance of your investments. Our pension calculator can also help you see if your retirement savings are on track.
Finding lost pensions
You may struggle to check your pensions if you can’t remember who your providers are, and if you’re no longer receiving pension statements because your pension provider doesn’t have your current address. In this case, the first step to checking your pensions may be to find your pensions! There are several ways to do this, including contacting your old employers or using the government’s Pension Tracing Service. If you want to combine your pensions into a PensionBee plan, we can help to transfer your old pensions once you’ve got the pension provider name and ideally the policy number.
There’s more information on finding your lost pensions on our ‘how can I find my pensions?’ page.
Checking your State Pension
As well as any workplace and personal pensions, you may be eligible for a State Pension. This is a regular payment from the government that you can receive when you reach State Pension age, based on your National Insurance record. The maximum State Pension is currently £185.15 per week (2022/23).
If you’ve got a while until retirement, it’s quite difficult to predict how much State Pension you’re likely to receive, as future governments may make further changes to the State Pension.
However, you can use the State Pension forecast tool on the government’s website to check how much State Pension you could get, when you can get it, and how you may be able to increase it.
PensionBee pension plans
PensionBee combines your old pensions into a new pension plan that you can manage easily online. You can see your current balance and contribute to your pension in a few clicks. PensionBee plans are managed by BlackRock, State Street Global Advisors, HSBC and Legal & General, four of the biggest investment managers in the world. You’ll only pay a single annual fee. Plus customers can download our app in the iTunes and Google Play stores, and use it to access their real time pension balance with PensionBee, and more.
Find out more about the PensionBee plans.
As always with investments, your capital is at risk. The value of your investment can go down as well as up, and you may get back less than you invest. This information should not be regarded as financial advice.
Last edited: 20-10-2022