It’s easy to forget about pensions and it’s even easier to forget what pensions you have got if you have acquired a few over the years. I often meet new people who have half a dozen pensions from various employments.
As pensions are a dry if not uninteresting subject, we can all be guilty of not paying that much attention until we get closer to retirement. That said my advice is to find out what you have got sooner rather than later. Pension companies are merging and amalgamating all the time, so it can be especially difficult to trace old pensions. Pension companies will usually write to you on an annual basis, so if you have moved house, the chances are your pension companies could be writing to one of your old addresses.
A new Department of Work & Pensions website has been launched by the Pension Tracing Service to help people find their lost pension savings.
There is currently an estimated £400 million in unclaimed pension savings. This is money people have previously saved for their retirement, and the new website will better help people to locate their hard-earned savings.
The wider pension reforms are creating a dynamic market where people have greater freedom and flexibility over their savings, and we expect our reforms will increase demand for the Pension Tracing Service.
Minister for Pensions, Baroness Ros Altmann said:
“People have had on average 11 jobs during their working life which can mean they have as many work place pensions to keep track of.
The new DWP online Pension Tracing Service helps reunite people with their lost pensions, giving details of providers to help people track them down.
I’d encourage anyone who thinks they may be missing out on any savings to use the free online service.”
The new service is simple to use and provides trace results immediately. Individuals enter their former employers’ details into the online database and are provided with contact details for pension schemes they may have paid into.
The Pension Tracing Service is a free service that enables people to search a database of more than 320,000 pension scheme administrators.
If you cannot locate all of your pensions by clicking the following link https://www.gov.uk/find-pension-contact-details
This article does not provide specific advice and you should always seek professional advice from a qualified adviser before making any decisions.
Contact Martin Dodd on 01902 742221 or email him at email@example.com if you would like talk about money issues.
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