There are millions of lost pensions in the UK, frequently private ones set up by an old employer and forgotten about when people move jobs. This is how to track them down
Thanks to auto-enrolment, many people may have several small pension pots and if these aren’t kept up to date, and you don’t let the pension provider know when you move home or change your name, they may become lost.
It’s estimated that there are more than three million lost pension pots in the UK, according to the Pensions Policy Institute (PPI).
If you have a lost pension, you may not have access to the money when you retire so it’s important to stay on top of these.
Here we look at how to trace old pensions and what to do when you’ve found them.
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How to find an old pension in the UK
It’s important to find old pensions so you’re not missing out on your retirement money, and to keep track of how the money is invested. If you don’t know where the money is, for example, you won’t know what fees and charges are being levied on it – potentially costing you thousands of pounds.
This is how tor track them down:
1. Make a list of previous jobs
Auto-enrolment was introduced in 2012 and it means when you start a new job you’ll automatically be signed up to the pension scheme in most cases. Make a list of every employer you’ve had, and write them down. You may have a pension at each place.
Include any jobs from before 2012 too – because while employers have been forced to enrol people in pension schemes since then, many companies voluntarily enrolled people before that date.
2. Write down any private pensions you’ve set up
If you have ever set up your own private pension, such as a self invested personal pension (SIPP) add this to the list to investigate. Cross off any employers where you know you definitely did not have a pension, or any jobs where you’ve already received your pension.
3. Find your old pension provider
Look back for any old paperwork or emails you may have had, such as an annual statement. If you can’t find anything you could use a free service such as Gretel, which automatically searches for your lost pensions and other financial accounts (if the companies have signed up to the service).
If the company has gone bust, you could try looking on Companies House where you’ll find a list of closed and open UK companies or the Pension Protection Fund which your pension may have been transferred to. You can also use the free government pension tracing service to find a provider’s details – you’ll need the name of the employer or the pension provider for this. The tracing service can’t tell you if you’ve got a pension, or the value of it, you’ll just be able to find the contact details for your old provider.
4. Contact your pension provider
You will need to give the provider details including your name and address and National Insurance number before they can give you information about the pension. You can then see how much the pension is worth, where it’s invested, and decide whether to keep it there or to combine it with other pensions.
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What information do you need to trace a pension?
Every pension provider has its own rules over what information it needs to see but most will require the following:
- Your name and address (and any previous names and addresses)
- National Insurance number (providers use this as one way to verify your pension pot)
- The name of your previous employer
- The dates you worked there and when you think the pension was started
What should I ask my pension providers?
Once you’ve contacted your old pension provider, or providers, you’ll want to find out a little more about your money.
This includes asking how much the pension is worth, what it is predicted to be when you stop working, what charges or fees you’re paying for it, where it’s invested, and what type of pension it is.
You could also find out if you’ll be charged for transferring it into another pension pot, and any benefits you might miss out on if you decide to do this.
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What to do when you’ve found old pensions
When you’ve located your old pension pots, it’s now time to decide what to do with them. You may be able to take the cash out early (if you’re 55) but there are other options too.
Keep them where they are
If you’re happy with where the pension is invested, you’re paying low fees, and you don’t mind having pensions in multiple places, you could keep it where it is.
This could be the best option if the pension is low cost, for example, or if you lose out on some benefits of the pot if you move your money out of it
Consolidate them into another pension
You could transfer your old pension into another pension, which might make sense if the fees for the older pension are expensive or you’re not happy with where it’s invested. This can cut down your overall admin as you’re not having to check multiple pension pots.
Depending on how many older pensions you have, you could consolidate them all into one pot – but before you do this look at the fees for doing so to calculate if it’s financially worth it or not.
You may not be able to consolidate all of your pensions either, it depends on the type of pension you have and the value of it. If your old pension is a defined benefit pension, for example, and it’s worth £30,000 or more, you’ll need to have financial advice before you transfer it somewhere else.
If you’re thinking about transferring your pension, we’ve got a list of the best self-invested personal pensions you can check out.
Frequently asked questions
What is the easiest way to find a lost pension?
Start by finding the name of your employer and then the pension provider details. You can then use the government’s pension tracing service to find the contact details, so you can contact the company directly to find your old pension.
Can I find all my pensions in one place?
No, you’ll need to contact the providers of all of the pensions separately.
Can I trace a pension if the provider no longer exists?
Yes, even if the pension provider has gone bust the pension will have been transferred to another company.
Can a financial adviser help me find my pensions?
Yes, you can pay for a financial adviser to find lost pensions but you can also do it yourself for free.
