Saving for a pension takes a very long time and is vitally important for our old age. By the time most people retire in late middle age, it is highly likely that they will have had many different jobs. When someone leaves a job to go elsewhere, they will typically stop paying into their company’s pension scheme and start paying into one with their new employer.
The pension scheme left behind is then “frozen” as you are unable to contribute any further funds to it. Also known as occupational frozen pensions and preserved pensions, frozen pensions are “frozen” until the person reaches retirement age which in the United Kingdom currently stands at 60 for women and 65 for men.
If you require assistance regarding a frozen pension, The frozen-pension.co.uk can help.