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How to find your lost pensions and why you should
21.10.2024It’s estimated that around £31 billion currently languishes in “lost” pensions. If you have a retirement fund that you’ve forgotten about, or a scheme provider whose details you’ve mislaid, a portion of that money might be yours.
This 27 October marks National Pension Tracing Day and it’s an annual campaign that Second Sight is very proud to support and sponsor.
Finding your lost pensions reunites you with the money you’re entitled to, helping you to live your dream lifestyle after work. It might also be just the push you need to re-engage with your retirement.
Here’s how to search for your lost money, and why you should.
How to find lost pensions: Your checklist
As many as 1 in 20 people could have a pension that they don’t know about. So, when the clocks go back this year, we’re encouraging everyone to use their extra hour to search for a lost pension.
In 2024, the Pension Policy Institute reported that unclaimed pension pots amounted to around £31.1 billion. The two main causes for pensions being lost were changing jobs, or moving house and not providing a new address.
In recent years, work patterns have increasingly moved away from the traditional “job for life”, with adults having up to 12 jobs throughout their careers. This might mean 12 pensions and a much greater chance of one slipping the net. But there are steps you can take.
You can check out our full National Pension Tracing Day checklist, but here’s a brief rundown of what you should do now:
- Search your memory
You might’ve had many jobs over a long career. Some of them might’ve been 10, 20, or even 30 years ago. Did any of them have a pension attached?
If you think the answer might be “yes”, now is the time to find out for sure. You might speak to a partner or former colleague. Discussing your job history might spark a memory.
- Find your paperwork
Once you have a rough idea of how many pension pots you should have, try finding the paperwork for each.
It’s worth remembering that some providers might’ve changed names or been taken over by other companies. You might need to do some detective work!
Once you have all the paperwork you can find, get in touch to request up-to-date valuations, or even annuity quotations if your retirement is close.
Where you have gaps in your paperwork, you might need to find contact details.
- Use the government’s website
You can use the government’s Pension Tracing Service to help you find lost pensions, and contact details for schemes.
To get the most out of the site you’ll need to provide as much detail as possible, which is where your previous groundwork comes in.
Connect with all your providers and you’ll have a full picture of your retirement fund and available options.
3 reasons to find your lost pensions now
1. Reduce stress and save time later on
Put the hard work in now and you’ll have everything in hand well in advance of your retirement date. That leaves you free to sit back and relax.
Not only that, but you’ll have all the available information you need to make informed choices, without any last-minute stress or panic. This gives you the best chance of making the most suitable decision for you.
2.Think about consolidation and save money on high charges
If you find you have lots of pensions, some might be smaller than others. Consider consolidating some of the smaller ones, if not all your pensions, into one pot.
This won’t be the most suitable option for everyone but it does have several advantages.
You’ll only have one set of contact details to remember and one scheme to stay in touch with. You might also be able to consolidate into the scheme with the lowest management charges, the most appropriate fund choice, or the most flexibility.
3. Help you to re-engage with your retirement
You might be busy and working hard, with your pension savings accruing in the background, largely unnoticed.
National Pension Tracing Day, though, is the perfect opportunity to re-engage with your retirement. Speak to us about your retirement plans and we can help to ensure you remain on track. Find lost pensions, build a full picture of your retirement fund, and you might even find that you have more than you think.
Maybe you can retire earlier than planned or opt for a more expensive lifestyle. You won’t know until you’re sure you have all of the money you’re entitled to. And with £31 billion unaccounted for, some of it might well be yours.
To learn more about how our financial planners can help you trace your lost pensions and plan for the retirement you want, email us at advise-me@fosterdenovo.com or call us on 0330 332 7866.
Sources: https://nationalpensiontracingday.co.uk/
https://nationalpensiontracingday.co.uk/wp-content/uploads/2024/09/NPTD-Checklist-2024.pdf
Please note
This article 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 not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance. The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.
Pension income could also be affected by interest rates at the time benefits are taken.
Pension savings are at risk of being eroded by inflation.
Accessing pension benefits early may impact on levels of retirement income and your entitlement to certain means tested benefits.
Accessing pension benefits is not suitable for everyone. You should seek advice to understand your options at retirement.
