Finding and tracing lost pensions

To properly plan and prepare your retirement income, it’s vital you know exactly how much money you have saved. Sometimes that can mean finding and tracing lost pensions from previous jobs.

A pension might sound like a significant thing to lose, but it’s easily done. It’s often quoted that the average person will have 11 jobs over their lifetime and that means you could end up with as many as 11 pensions. Fail to update every pension scheme you’re in when you move home, marry or change name and it can be easy to lose track of one or more.

Why is it important to trace lost pensions?

Every penny counts when it comes to retirement saving. You might have one or two larger pots that you consider to be your ‘main’ pension, but it’s important not to overlook the value of smaller pots.

Even if you only paid into a scheme for a year or two at the start of your career, compound investment returns mean you might be surprised by how much your lost pension could be worth now.

According to the Association of British Insurers (ABI) there’s currently around £19 billion languishing in 1.6 million unclaimed pensions – that works out at an average £13,000 for each lost pot.

How can I find my lost pensions?

Thankfully, it might not be as hard as you expect to find or trace a lost pension.

1. Try the government’s pension tracing service

The government’s pension tracing service enables you to search its database of 320,000 schemes free of charge and access contact details that will enable you to reunite you with your lost pension.

Results are available straight away – all you need to do is enter details of your former employers or your pension provider. Once you have the relevant contact details for the scheme’s administrator you then need to contact them to establish a) whether you have a pension with them and b) what it’s worth if you do.

You can access the service here.

2. Contact the pensions provider

If you know who your pension provider is – perhaps you’ve dug out some old pensions paperwork – get in touch with them directly.

You may need to provide:

• An updated address
• Policy number
• Date of birth
• National insurance number
• The date the policy started
• The name of your employer

You can also use the opportunity to request an up-to-date statement for the pension you have lost.

Confusingly, the provider that initially ran your pension may no longer be responsible for it. This helpful list on the ABI website can help you work out which company is now running your pension.

3. Contact your former employers

If you don’t know who your pension provider is, your former employer can also help you find lost workplace pensions.

Include the dates you worked for the employer as well as your national insurance number.

Ask what sort of scheme it is, for example defined benefit or defined contribution. Also request contact details for the scheme provider or administrator.

4. Talk to former colleagues

If you’re still in touch with any former work colleagues, it might be worth asking them if they have any contact information to help you find your lost pension. Strike lucky and that could be the fastest way to get the information you need.

Are there any other services that can help me find my lost pension?

There are other services that can help you look for lost pensions – some confusingly going by a similar name to the government service.

Before you sign up to these, it’s important you check for any charges. Even if the pensions tracing service is free, it may still have a commercial objective. It may, for example, pass on your details to a financial adviser who will likely step in, if you’re reunited with a pot of cash.

Or the service might only be free of charge, if you consolidate your savings with them.

How can I trace a SERPs pension?

SERPs stands for State Earnings Related Pension Scheme – which provided a way for people in work to top up their state pension income between 1978 and 2002 (when it became the State Second Pension).

Until 2012, workers using the schemes had the opportunity to ‘contract out’ out of the state top ups and pay the money (along with a national insurance rebate) into a personal pension.

To find out if you’ve got a lost SERPS pot, the easiest way to track it down is to contact HMRC directly. Make sure you provide your name (and any previous names), address, date of birth and national insurance number. Within 30 days it should be able to tell you whether there any schemes you paid into after contracting out of any additional state pension. You’ll then need to contact the relevant pension provider.

What shall I do once I’ve tracked down a lost pension?

As a first step make sure your pension provider has up to date contact details for you, so you don’t lose it again. It’s also a good idea to gather as much information as you can about the pension scheme and find out how much you’re paying in charges.

Charges on older pensions can be expensive, so it may be worth considering consolidating your pension pots, especially if you don’t want the administrative hassle of holding multiple pots.

This approach may not be right for everyone though, so it’s important to think through the pros and cons of pensions consolidation first. For example, some schemes have added protections and it’s important not to lose out on any valuable benefits.