The Lemon Fool

I'm naturally of the "file and forget" persuasion but my Pension Stuff folder is getting out of hand. Is there any need whatsoever to hang on to old statements or can I shred all except the most recent?

lizbubb wrote:I'm naturally of the "file and forget" persuasion but my Pension Stuff folder is getting out of hand. Is there any need whatsoever to hang on to old statements or can I shred all except the most recent?

Do you trust the ability of your provider to retain records? For long standing membership of a defined benefit scheme, keeping historic records is likely desirable, because details of dates joining and benefits accrued can easily be lost or damaged when systems are changed or updated.

lizbubb wrote:I'm naturally of the "file and forget" persuasion but my Pension Stuff folder is getting out of hand. Is there any need whatsoever to hang on to old statements or can I shred all except the most recent?

Keep all pensions data, especially if any of your pension providers have been taken over/amalgamated.

I am at the receiving end of a dispute where the new provider appears to have lost or is unable to locate pertinent information from the archives of the company before the company who amalgamated with a company they took over.

Luckily, I have one or two statements from the original company but I so wish I had one particular document that I know existed and would prove my case beyond doubt.

lizbubb wrote:I'm naturally of the "file and forget" persuasion but my Pension Stuff folder is getting out of hand. Is there any need whatsoever to hang on to old statements or can I shred all except the most recent?

I just keep the annual P60's which summarise the totals. I don't keep the monthly pension advices longer than the current year. In fact my pension payer doesn't even send me a monthly pension advice if the amount hasn't changed from the preceding month, so over the year I might get 2 or 3 monthly statements.

lizbubb wrote:I'm naturally of the "file and forget" persuasion but my Pension Stuff folder is getting out of hand. Is there any need whatsoever to hang on to old statements or can I shred all except the most recent?

Worth keeping (as others have pointed out): might make a difference in n years time?!
Scan & shred?
That way: less paper; searchable (if you use OCR and create pdfs); backed up (assuming you back up you laptop/pc etc);

Oh yes, I'd definitely keep the most recent statement from each provider (I only get them annually), confirmation of opening or transferring accounts and stuff like records of additional lump sums. It's more do I need to keep an annual statement from all the preceding years as well.

lizbubb wrote: It's more do I need to keep an annual statement from all the preceding years as well.

Regrettably you probably do, particularly if the provider is taken over or sells you on. As suggested, scanning or taking a photo of the documents would give a history that doesn't have to be on paper.

Alaric wrote:

lizbubb wrote:I'm naturally of the "file and forget" persuasion but my Pension Stuff folder is getting out of hand. Is there any need whatsoever to hang on to old statements or can I shred all except the most recent?

Do you trust the ability of your provider to retain records? For long standing membership of a defined benefit scheme, keeping historic records is likely desirable, because details of dates joining and benefits accrued can easily be lost or damaged when systems are changed or updated.

I had exactly this problem, Equitable Life had lost (or filed too well!) my early records, hence my foolname of GARless. I went back in my files that proved I had a Guaranteed Annuity Rate from the initial company pension signup and fought it through our pension advisors until EL accepted I had. TMF had a very helpful forum at the time.