November 9, 2022 News No Comments

People are being encouraged to take action to trace their lost pension pots, with almost three million pots worth a total of £26.6 billion not currently matched to their owners.

The Pensions Policy Institute has published a briefing note which shows that the scale of lost pension pots has increased by £7 billion from 2018 to 2022.

In recent years we have seen an increase in people moving house and more people changing jobs through the Coronavirus pandemic, potentially exacerbating the problem of lost pensions.

It can be tricky to keep on top of all of the pension schemes you’ve paid into throughout your working career, but it’s important to track these down to ensure you’re claiming everything you’re entitled to in retirement. These lost pots, with an average value of £9,500 each, could make a real difference if they were reunited with their owners.

There are five simple steps to take to trace a pension:

  • Retrace career steps
  • Check old papers
  • Check that the details on paperwork are up to date
  • Check for any gaps in your pension history
  • Contact your pension provider

If you are unsure who your pension provider is, you can ask your employer or use the Pension Tracing Service. This is a free Government service that can help you find contact details for a workplace or personal pension scheme.

Once you’ve found your pension, you will need to contact the provider to find out how much it’s worth. It is also important to take a closer look to check the rules around the retirement age, whether the investments are suitable for your circumstances and the total charges.

If you would like any more information on the above, please do not hesitate to contact a member of our team.

Written by Eldon