Pension Tips

Why You Should Find Your Lost Pensions

Post by
Sophie Flowers
Why You Should Find Your Lost Pensions

With an estimated £20bn in lost pensions, there might be a pension pot out there that you've forgotten about that is still working hard for you right now. In this article, we explain everything that you need to know about lost pensions and how to go about finding yours.

How do people lose their pensions?

There are many circumstances which can result in you losing track of your pension. A few examples of reasons your pension may have gone missing are:

Moving address

If you did not update your address or contact details with your pension provider, then they will continue to try and contact you at your old address. Once they receive their letters back, they will mark you as ‘not known address at this address’ and will stop sending correspondence.

Changing your name

Suppose you have changed your name or you have recently married. Consequently, providers usually are unable to locate a record of your policy because your policy was under your maiden name. If they do manage to find your policy, then they will require proof of your previous and current name (marriage certificate).

Losing your paperwork

Losing track of any pension related paperwork can be a pain. The paperwork is what contains all of the policy numbers you may need, including any details about pension schemes. You ideally should be receiving yearly annual statements.

Changing jobs

People very rarely stay in the same job throughout their whole career. If you have changed jobs, it's likely that you could have had workplace pensions set up with multiple different pension providers. It's very easy to lose track of pensions you may have paid in to if this is the case.

Pension schemes transferring

​Sometimes a pension scheme that you may have had may have either transferred to another provider or can go to places such as the pension protection fund. Most providers keep their archives for up to 7 years. This means there could be a chance that they are unable to provide you with details as to where the pension is located.

‍How to find your lost pensions

You could try to track down your lost pensions yourself. You could start by having a look around your house for any relevant paper work and contacting each pension provider to find out any information which may be helpful. Or, if you can't find any information regarding which pension provider your pension was with, you could contact your previous employers to see if they can help.

The most simple way to trace your lost pensions is to contact the Pension Tracing Service. It's a free service which saves you the headache of having to do all the searching yourself. To get started, all you will need to do is provide a few details such as:

  • Full name and any previous names
  • Date of birth
  • NI Number

Once your lost pensions have been traced, you will be contacted by one of the team who will provide you with all the information you need.

You will then have the option to speak to a qualified pension specialist. They will be able to perform a full pension review and find out the value of your pension, how well it's performing and what you are paying in charges. They will then check the whole market to show what is available today, the costs and how you can use your pension savings. Finding an old pension could not be any easier. If you would like help from the Pension Tracing Service to help track down your lost pensions, you can register here.

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