How to find old pension pots
Keeping track of a pension is not always simple, especially if you have participated in many pension plans or have changed employment throughout your career. Finding old Pension pots can be difficult as plans close, combine, or change their names throughout time. So even if you can recall the name of your plan, it can now go by a different name.
It has been more difficult to maintain track of old company pensions as more of us change jobs frequently throughout our working careers. This is especially true for retirees whose pension providers no longer have their current contact information due to a move.
There are now estimated to be 2.8 million unclaimed pensions, worth over £26 billion.
Source: Pension Policy Institute research in 2022
It can be all too easy to lose track of the pension savings accumulated as the concept of the "job for life" has faded and more people change employment numerous times during their working lives, building up multiple pension pots in the process.
So how do you go about tracking old pensions you may have contributed to in the past? Read on to learn how to track old pensions..
Get in touch with former employers
If your forgotten pension scheme was run by a company you worked for, you should contact them first. In some cases, individuals may not have been aware they were actually paying into a pension, especially if no monthly salary deductions were being made.
Most pension schemes must send you a statement each year. These statements include an estimate of the retirement income that the pension pot might give you when you reach retirement.
First, look through any old documents you may have that may provide information about your employment or pension plan. You'll be off to a solid start after reading this. You can contact the pension provider, your former employer if it was a workplace pension, or The Pension Tracing Service to find the pension if you're no longer receiving these statements, perhaps because you've changed your address.
Contact pension providers
Even if your pension was tied to your employment, a pension firm may have managed it on your employer's behalf. Instead of contacting your former employer in this situation, contact the provider.
The same is true, for instance, if you create your own personal or stakeholder pension. You can also get assistance from the Department for Work and Pensions-sponsored Pensions Advisory Service when looking for a personal pension.
The name of your previous employer or pension provider must be disclosed, as well as maybe additional information like the dates you worked there and your National Insurance number.
Your first action should be to get in touch with the pension provider, if you know who it was with. Your plan number, birthdate, National Insurance number, and the date your pension was established should all be included in any correspondence you have with them.
Top questions to ask to get a thorough overview of your pension pot:
Q: What is the current value of my pension pot? Q: Have I nominated a recipient for any death benefits? Q: How much has been put into my pension fund so far? Q: Do I have to pay any charges for the management of my pension pot? Q: How much income is the pension pot likely to pay out? Q: Where is my pension pot being invested and do I have any options? Q: Do I get charged if I wanted to transfer the pension pot to another provider? Q: How much money would be paid from the pension if I died?
What is the Pension Tracing Service?
Using the Pension Tracing Service is another option for finding a misplaced personal or workplace pension. This is a free government programme that may be accessible on the website of the government. Once more, you must include as much information as you can about who you are and the times you participated in any schemes.
You can phone the Pension Tracing Service on 0800 731 0193 or submit a tracing request form to the Pension Service via the GOV.UK website.
Only use official pension services
Be warned though, from time to time, businesses are set up to offer similar tracking services to people who have lost pensions. Although they are not necessarily doing anything illegal and often offer assistance for free, they may try to give the impression that they are official services.
In fact, they could be trying to obtain the personal information of people who have substantial pension savings so they can persuade these individuals to make investments or pay for financial advice, for example.
To reduce the risk of losing track of a pension in future, ensure you let providers know whenever you change your home address or any other details, such as your email address.
Would you like advice on your pensions?
Your retirement funds may be worth more than you realise. Find out more about how our pension tracing service can assist you in finding old pensions.
Pension expertsin Leamington Spa | Pension Advice
