In a bid to help people locate their lost pension pots, the Pension Tracing Service has launched a new website.
There is currently around £400 million in unclaimed pension savings, according to the Department for Work and Pensions.
People can enter their former employers’ details into an online database and receive contact details for pension schemes that they may have paid into.
Minister for pensions, Baroness Ros Altmann said that:
“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.”
Tracing lost pensions
There are ways for both individuals and businesses to trace their lost pension savings. Most pension schemes will send you a statement each year stating your retirement income from the pot.
There are 3 ways to track down lost pension. These are:
- contacting your personal pension provider – submit details such as plan number, date of birth, national insurance number and date of pension set up
- contacting previous employer – provide your national insurance number, start and end date of work and date you joined the pension scheme
- using the free Pension Tracing Service website.
Get in touch to discuss your retirement planning.
