If, like most people, you’ve had several jobs over the years, the chances are you may have started a few different workplace pensions along the way. And it’s all too easy to lose track of where your retirement savings are invested – or even forget that some exist at all!
According to the Association of British Insurers, there’s over £30 billion lying in unclaimed, lost or forgotten pension pots across the UK. That’s about £9,500 per person who’s misplaced a pension.
If you suspect you might have a pension or two lurking in the background, don’t panic. Finding them is easier than you might think. And to help you, we’ve put together this step-by-step guide to help you track down your lost pensions.
Begin with what you know
The best place when hunting for old pensions is to gather together everything you know about your employment history, and any pension paperwork you might have. Look for:
- Old payslips or P60s, as they often show pension deductions
- Welcome packs or statements from pension providers
- Emails from HR or pension schemes
- Details of employers’ names and addresses
Even if you only have bits of information, such as the name of your old employer, it can help. List out every job you’ve had, when you worked there, and whether you paid into a workplace pension.
If you were self-employed, you may have set up a personal pension with a provider like Aviva, Scottish Widows or Standard Life. Go through old bank statements for regular payments to a pension company, as that’s often a giveaway.
Use the government’s free Pension Tracing Service
Once you have a list of your employers, your next step is to use the government’s free Pension Tracing Service. While it won’t tell you how much money you have, it will help you find the contact details of pension providers connected to your past employers or personal schemes.
To use the service you’ll need:
- The name of your old employer or pension scheme
- Any identifying details you can find, including a company’s previous name if it’s changed
You’ll then get the contact information of the pension scheme’s administrators so you can make contact and ask for details of any pensions in your name. You’ll need to provide proof of identity, such as your National Insurance number and date of birth.
Contact your old employers
If you don’t find what you need using the Pension Tracing Service, try contacting your former employers directly. Ask to speak to their HR or payroll department and explain that you’re trying to locate details of an old workplace pension.
Even if the company has changed hands or merged with another business, they should be able to direct you to whoever is now responsible for managing their pension scheme. The golden rule here is to be polite but persistent, as some older records can take time to locate.
Check your personal pensions
If you’ve ever been self-employed or set up your own pension, it’s worth checking whether you have a personal or stakeholder pension in your name. These might have been arranged through a bank, insurance company or independent financial adviser.
Common pension providers in the UK include:
- Aviva
- Scottish Widows
- Standard Life
- Legal & General
- Royal London
- Aegon
If you’re unsure who your provider is, review old bank statements for recurring payments to any of these companies. Once you’ve found a likely match, contact them directly to confirm whether an account exists and ask for a statement of your benefits.
Think about consolidating your pensions
Once you’ve tracked down all your pensions, you could end up with several small pots. Managing each one individually can be confusing, and you might be paying multiple sets of fees.
If so, you may consider consolidating your pensions by transferring them into one pot. This can make managing (and keeping track of them) easier, and could save you money on charges.
However, consolidation isn’t always right in every instance. Some older pensions come with valuable benefits, such as guaranteed annuity rates or protected tax-free cash allowances. So before you move anything, get impartial advice from a regulated financial adviser or use a service like MoneyHelper for free guidance.
Keep your details up to date
Once you’ve tracked down your pensions, make sure all providers have your current contact information. Many pensions are lost simply because people move house and forget to update their address.
It’s a good idea to:
- Keep a digital or paper file with all your pension details in one place
- Update providers whenever you change address, email or phone number
- Review your pension statements annually to stay on top of performance and contributions
- Log into your pension online account regularly to check your pension’s performance
Be careful of pension scams
Sadly, fraudsters are actively targeting people looking to transfer or consolidate their savings. So be wary if someone contacts you out of the blue about your pension – especially if they offer a free pension review or promise guaranteed high returns. It could be a scam.
Legitimate pension providers will never pressure you into making quick decisions or transferring your money. Always check that anyone offering pension advice is FCA-authorised by searching the Financial Services Register.
Do you have a lost pension waiting to be found?
It might take a bit of detective work tracking down your lost pensions, but it could be worth your while. Every pound you recover could make a meaningful difference to your retirement.
