4 practical steps to help you find your lost pension

After years of hard work and saving, it can be incredibly frustrating to realise you’ve lost a pension pot.

While you may believe this wouldn’t happen to you, it is easier to lose a pot than you might think, and you may even have lost one without realising.

It is common to lose track of a pension when you change jobs, opt out of a scheme, or move to a new address. Indeed, FTAdviser reports that nearly a third (29%) of UK adults don’t know how many pots they have, and 79% wouldn’t know what to do if they lost one.

The Independent reports that there is an estimated £31.1 billion held in around 3.29 million unclaimed, inactive, or lost pots. This means the average lost pot is worth around £9,470, rising to £13,620 among people aged 55 to 75. Of course, if you have lost a pension over the years, you may well have significantly more than this in your fund.

Fortunately, there are tools and services designed to help you trace and reclaim lost pensions, ensuring your hard-earned money is put to use in securing your retirement and giving you peace of mind about your financial future.

Indeed, National Pension Tracing Day, which just passed on 27 October, is dedicated to encouraging people to find their lost pensions.

So, read on to discover four practical steps to take if you think you have lost a pension pot.

1. Find the relevant information and documents

To begin recovering a lost pension pot, collect all the relevant documents related to your pensions. These might include payslips, tax returns, or correspondence with your employers and pension providers.

If you can’t locate certain documentation or haven’t saved the paperwork, try contacting your former employers to identify the administrator of the pension scheme. Online records through tax accounts or employer portals may also help.

The key information you need to gather for tracing your pension is your:

Pension number
National Insurance number
Dates of employment and access to the pension scheme
Former employer’s details.

If you can’t find all the necessary information, partial details can still be useful in assisting your pension provider in quickly locating your account.

2. Get in contact with your previous employer or pension provider

Once you’ve gathered the necessary information, your next step is to contact either your former employers or the pension providers associated with your past jobs.

If you already know the pension provider, you can contact them directly and inform them of your situation. Share the details you’ve collected and ask them to help trace your lost pension. Most providers have established procedures for locating lost pension accounts.

If you don’t know the provider, the best route is to get their details from your former employer.

Start by reaching out to the HR departments of your previous workplaces as they can often provide the contact details of the pension scheme you were enrolled in.

You could also try speaking to former colleagues to see if they’re able to help. They may have relevant details of the scheme, such as its name or contact information.

If you are unable to contact your former colleagues or employer – perhaps because they are no longer active – you may need to use the Pension Tracing Service.

3. Use the Pension Tracing Service

If after following the first two steps you’re still unable to track down your pension pot, you can try the Pension Tracing Service, which is provided free by the UK government.

This easy-to-use service is designed to help you find your lost pension by connecting you with the relevant pension schemes. Since 2013, it has helped to recover over £350 million in lost pension funds.

You’ll need to fill out a form with your information, such as your name, address, National Insurance number, and the names of any employers you can recall.

The service will then contact HMRC, the DWP, pension providers, trustees, and previous employers to help you find your lost pension.

4. Speak to a financial planner

If you have lost a pension or think you may have lost one, a financial planner can help you find it.

They can make tracing your lost pension significantly easier by handling communications with the relevant organisations on your behalf.

A financial planner can also assist in gathering the necessary documentation, ensuring you include all the key details to improve your chances of locating your lost funds.

Additionally, they can recommend strategies to help prevent future losses, such as consolidating your pensions, reviewing your contributions, and ensuring all your details are kept up to date.

To speak to a financial planner, get in touch.

Email enquiries@clarionwealth.co.uk or call us on 01625 466360.

Please note

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

Workplace pensions are regulated by The Pension Regulator.

A pension is a long-term investment. The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Your pension income could also be affected by the interest rates at the time you take your benefits