How to find lost pensions

At a glance

• It’s common to accumulate several different pension pots during a working life, and it can be easy to lose track of them.
• Luckily, finding a lost pension can be easy as well, provided you have the right details.
• Pension tracing services are available to help.

Saving enough for a comfortable retirement is probably the biggest financial challenge facing workers today. But with the average person having several employers during their lifetime, it can be easy to lose track of an old pension, particularly with automatic enrolment meaning more people are saving into one.

In fact, the Pensions Policy Institute estimates that around £31.1bn is currently left unclaimed across private and workplace pensions in the UK – could some of this be yours? If so, there are ways to track it down. This guide will take you through the process.

Why do people lose track of their pensions?

The majority of people no longer have a job for life. In fact, it’s estimated that workers change jobs every five years on average, typically holding nine different jobs in their lifetime, and many will completely change career paths at least once during that time.

Given that most people will have a new pension pot set up with each new position, it’s little wonder that some can fall off the radar. Paperwork can be lost or funds simply forgotten about over the years, which can be even more likely if you only worked somewhere for a short amount of time.

Other factors can exacerbate the issue, such as if you moved home or changed your name and forgot to notify your pension provider, which can make it harder for them to contact you and means you may miss out on vital correspondence.

Moving abroad can also be a big reason for losing track of UK-based pensions, as can the pension provider themselves merging or rebranding – if you don’t know who to contact regarding your pension, you may simply not do so, and over time could forget about it altogether.

Is it worth tracking down old pensions?

Yes, absolutely. The money held in your pension – no matter how long it’s been since you last paid into it – is still yours, and you’re entitled to receive the benefits of that. Plus, the money would have continued to be invested for that time, so thanks to compound interest, you could have amassed a tidy nest egg over the years. Indeed, estimates show that the average lost pension is worth an average of around £9,500, which is certainly worth tracking down!

How to find lost pensions for free

Fortunately, tracking down lost pensions doesn’t need to be difficult. There's an easy place to start if you're looking to locate an old pot, and best of all, it’s completely free! Here are the steps you need to take:

1. Start by making a list of your employers. Chances are you’d have built up a pension pot with most if not all of your previous employers, particularly those you’ve been with since 2012 when automatic enrolment kicked in. You’ll need details of when you worked there, when you started contributing to your pension and when you left, and if you can remember, details of the pension provider as well.
2. List any private pensions you can remember. For an old private pension (such as a SSIP or SSAS) you’ll need to find the name and address of the pension scheme, as well as the bank, building society or insurance company that sold it.
3. Track down any paperwork you can find. Try to gather as much information as you can to make the search for your lost pensions as easy as possible.
4. Head to the Pension Tracing Service. If you can’t remember many details, try the Pension Tracing Service. This is a free service that's run by the Government that has details of over 200,000 pension schemes – just tell it your old employer or pension provider and it can supply up-to-date contact details.
5. Contact the pension provider. Once you know who your old pension is with, the next step is to contact them. They’ll need to check your identity – you’ll likely need to provide your National Insurance number, passport/driving licence details and/or a recent utility bill as proof of address – and from there they can hopefully reunite you with your lost pension.

What if you don’t know the name of your pension provider?

If you can’t remember details of an old employer or pension provider but are confident you’ve got a lost pension somewhere, it might be worth signing up with Gretel. Gretel is a fintech firm that actively searches for missing pensions and other financial products (including bank accounts, investments, life insurance and child trust funds) in its database of providers, essentially doing the hard work for you, and it’s still completely free.

However, not all financial brands are on their systems, but once signed up Gretel will run a search for new matches every two weeks, so if a new firm joins and there’s a match you’ll be the first to know.

What to do once you’ve found a pension

Once you’ve found your lost pension, the next step is deciding what to do with it. Your options will likely depend on your age and the value of your pension pot(s).

If you’re younger you may like to transfer your pension to a provider of your choosing, for example, or if you’ve already retired you’ll need to consider how you’ll access the money. This is an incredibly personal decision and shouldn’t be entered into lightly, so your first port of call should be seeking appropriate advice. You can get completely free advice from MoneyHelper or Pension Wise if you’re over 50.

You may decide that you need more tailored advice, in which case you’ll need the support of an independent financial adviser. If you have over £100,000 in savings, investments or pensions you can contact our preferred financial planners, Kellands Hale, for a free initial chat.

Should you consolidate your pensions?

If you find that you’ve accumulated several different pension pots over the years, you may want to consider consolidating them. Consolidating means you’re bringing all your pensions together in one place, which can make it easier to keep track of them and you could potentially benefit from an investment and cost point of view too. However, it’s important to seek advice to make sure it’s the right decision and that you won’t be missing out on any benefits. Find out more in our guide to pension transfers.

How to manage and keep track of your pensions

Want to make sure you don’t lose another pension? Here are some top tips on how to manage and keep track of your pensions:

• Keep details of all your pensions in one place.
• Let your pension provider know if you change address.
• Make sure your family know where you keep your pension documentation in case you pass away before retirement.
• Regularly review your pension’s performance.
• Seek ongoing financial advice to make the most of your pension investments.