With the pandemic expected to be a part of everyday life for at least part of next year, savers across the country will be looking for the best ways to increase their savings as they prepare for a post-Covid future.

“According to the DWP, people change jobs an average of eleven times in their careers, which means lots of different pensions to follow.

“It is estimated that there may be 1.6 million ‘lost’ pension funds in the UK, each worth an average of £ 13,000 per fund. It is therefore worth taking out your old papers.

“Your first stop is to find any old document that will tell you where your pension is and how to log in to see its value and transfer it.

“If you can’t find any documents, you can use the government’s pension tracking service to find out where it is now. “


“According to the DWP, people change jobs an average of 11 times over the course of their careers, which means lots of different pensions to follow.

She added: “Finding those old jars makes sense for a number of reasons.

“First, knowing how much you’ve saved in total will help you determine how much you may need to save in the future to get the retirement you want.

“Second, once you’ve located all of the old defined contribution funds, you may want to consider combining them with your current provider.

“This will make your retirement easier to monitor and manage, but it also means you could benefit from lower fees, more investment choice, and more flexibility when deciding to access your pension. funds.

“Just check before you transfer old pensions to see if they have any guarantees, as they could be lost if you switch to a new provider. “

On top of that, Suter encourages people to use their ISA or pension to save the money they have in light of upcoming rate changes in 2022.

The retirement expert said: “Income investors should also prepare their portfolios for the increase in dividend tax, with rates rising 1.25 percentage points from April next year.

“The move means anyone making more than £ 2,000 a year in dividends, other than an ISA or a pension, will now face a slightly higher bill.

“At £ 10,000 of dividends that equates to an extra £ 100 per year regardless of your tax bracket, while at £ 20,000 per year that means an additional cost of £ 225.

“The tax breaks afforded by pensions and ISAs will become even more valuable if taxes rise and investors should seek to maximize the savings they hold in these shelters, out of the clutches of the tax authorities.”

Currently anyone in the UK can invest up to £ 20,000 per year in an ISA. Usually people have an annual limit of £ 40,000 when it comes to putting money into one of their retirement plans.