Lost track of an old pension from a previous job? You're not alone. Millions of people have forgotten about pension pots that are sitting somewhere, and yours could be worth thousands.
With 3.3 million lost pots containing £31.1 billion worth of assets across the UK, it's worth taking the time to hunt down what's rightfully yours.
Why tracing pensions matters more than ever
The numbers tell a sobering story. Research shows that the average size of a lost pot is highest among the 55-75 age group, at £13,620. That's a significant chunk of retirement income you could be missing out on. When you consider that many people change jobs multiple times throughout their careers, it's easy to see how pension pots get forgotten in the shuffle.
A step-by-step guide for finding pensions
When contacting pension providers, be prepared to provide as much information as possible. You'll typically need your National Insurance number, dates of employment, and any reference numbers from old documentation. The more details you provide, the easier it becomes for them to trace your pension.
Start with what you know. Create a list of every employer you've worked for, no matter how briefly. Even short-term positions might have generated pension entitlements. Don't cross anyone off your list unless you're certain you weren't enrolled in their scheme.
Search through your paperwork. Dig out old payslips, P60s, and any pension statements you might have tucked away. Most pension schemes send annual statements, so these documents are goldmines for tracing lost pensions.
Look up the Pension Tracing Service, a free government tool that helps you locate contact details for pension schemes. Simply enter your former employer's details, and the system provides you with the relevant pension scheme contact information.
Additional resources for tracing pensions
If the Pension Tracing Service doesn't yield results, contact your old employers or former colleagues. They might remember the pension provider's name or have contacts who can help.
Check for company changes. Many pension providers have merged, been acquired, or changed names over the years. The Association of British Insurers' tracking page can help you navigate these changes.
MoneyHelper offers comprehensive guidance on finding lost pensions, including tips for dealing with unresponsive providers. Gretel is another free service that helps trace lost pensions, accounts, and investments.
Don't let time work against you
The longer you wait to trace lost pensions, the harder it becomes. Companies merge, records get archived, and contact details change. Remember, tracing pensions isn't just about finding money you've forgotten about – it's about securing your financial future and ensuring you have the retirement income you've rightfully earned.
Contact our qualified financial advisers today to discuss your retirement planning options.
