Lost pensions: How to find yours
People are being encouraged to take action to trace their lost pension pots, with almost £26.6 billion not currently matched to their owners with lost pension pots averaging £9,470.
The Pensions Policy Institute estimates that the problem of lost pension pots has increased by £7billion in just four years.
The average UK employee may change jobs every five years and people often forget about pots built up in previous jobs or if they change their name or move house without updating their pension provider. Studies show that only one in 25 people instinctively tell their pension provider that they have moved home.
How to find old pension plans
If you think you may have a dormant pension plan, the good news is that it’s fairly straightforward to track them down.
With your National Insurance Number, the names and addresses of your previous employers and the use of the Government’s Pension Tracing Service you should be able to find out everything your need to know.
Keeping track of your pension plans
It is usually very easy to get hold of your pension details from your current employer and generally you can keep track of your pension account online. That way you can keep tabs on how much you’ve saved and begin to think about how much you might need to save for the future.
Getting everything into shape
Having found old pension plans, you might be tempted to move older pension plans into your current workplace pension scheme. Whilst this might be the right decision for some, it is important to consider that some older workplace pensions may have valuable benefits which could potentially be lost upon transfer.
Tracking down any old pensions, consolidating them into one plan (if that benefits you) and keeping a regular eye on where you are with your retirement savings could help give you peace of mind about your financial future.
At Carpenter Box Financial Advisers we have helped a number of clients locate their old pension plans. In certain situations, the values of those lost pension pots has been significant and has led to an entirely different retirement outcome for the client.
If you would like help understanding your pension plans and assessing old plans, please contact our team on 01903 534587.
The value of your investments can go down as well as up, so you could get back less than you invested.