After putting aside money every month of your working life, it can be frustrating to realise you’ve lost a pension pot.
A new study reported by Money Week has revealed that more than 1 in 5 UK workers (22%) believe they have lost a pension pot and that there is an estimated £50 billion in total lost retirement savings.
It is surprisingly easy to lose a pension, particularly if you change jobs, opt out of a scheme, or move to a new address. If your pension remains unclaimed for six years after your selected retirement age, you will no longer be entitled to it.
But if you think you have lost a pension, fear not, as there are several steps you can take to find it again. Indeed, National Pension Tracing Day, approaching on 27 October, is a whole day dedicated to encouraging people to find their lost pensions.
Read on to discover three simple steps to take if you think you have lost a pension pot.
1. Gather the necessary documentation and information
The first step to recovering your lost pension pot is to collect any relevant documents related to your pensions, such as old payslips, tax statements, or letters from previous employers.
Look for details about the pension scheme, including the provider’s name and contact information.
If you don’t have any paperwork from your providers, try and find contacts for your old employers who may be able to inform you of the provider they used. Checking online accounts, such as those related to tax records or past employer portals, may also yield valuable information.
Important information to have on hand includes:
- Your pension number
- Your date of birth
- Your National Insurance number
- The date your pension was set up and the date you left the scheme
- The name and address of your previous employer and the date you started and finished working for them.
While you may not be able to gather all of the above information, having as much of it as possible will be beneficial in your search for lost pension pots. Even partial details can help pension providers identify your records more quickly and accurately.
2. Contact your previous employers or pension providers
Once you have gathered as much of the requisite information as possible, the next step is to contact your former employers, or the pension providers linked to your past employment.
Start by reaching out to the human resources departments of your previous workplaces, as they often keep records of pension schemes in which you participated.
While your former employer won’t be holding your lost pension pot, they may be able to provide you with the contact details of the provider who is.
Alternatively, if you know the pension provider they used, you can contact them directly instead.
Once you’re in contact with the provider, share all the information you have with them and request any assistance they can provide in locating your pension pot. They will typically have a procedure in place for tracing individuals who have lost their pensions.
3. Use the pension tracing service
If you’re unable to locate your pension pot through direct contact with your previous employers, consider using the Pension Tracing Service offered by the UK government.
This free and straightforward service is designed to help individuals find lost pensions by connecting them with relevant pension schemes based on the information they provide.
To use this service, you will need to fill out a form with your details, including your name, address, National Insurance number, and the names of any employers you remember.
They will then help you to find the pension schemes associated with your past employers.
A financial planner can help you trace your lost pensions and ensure you don’t lose your future savings
You may find it much easier to trace your lost pension with the help of a financial planner, who can engage with the relevant organisations on your behalf.
They can also help you compile the necessary documentation, ensuring you provide all the relevant details to maximise your chances of locating your lost funds.
Moreover, a financial planner can suggest methods, such as pension consolidation, to help ensure you don’t lose further funds in the future.
To speak to a financial planner, get in touch.
Email info@blueskyifas.co.uk or call us on 01189 876655.
Please note
This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.
A pension is a long-term investment. The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Your pension income could also be affected by the interest rates at the time you take your benefits.
