Whether you’ve misplaced your wallet or forgotten to take cashback from the supermarket; losing money is up there with one of life’s most frustrating feelings.
So, what if you told you that, according to The Association of British Insurers (ABI), there’s a whopping £26.6 billion sitting in lost pension pots in the UK! [1]
You’d probably want to know how to find old pensions, right?
Well, that’s exactly what this blog is here to help you do.
With the demands of modern life – and the fact we’re only human – forgetting about old pensions is easily done.
This is especially true for old workplace pensions; with every new company you move to having their own pension scheme and provider, keeping up with them all can become tricky.
As well as changing jobs, pensions can also become ‘lost’ when:
- You move house but don’t update your new contact details with your provider(s).
- You know who the provider is but don’t know your policy number.
- You don’t know the provider or your policy number.
Thankfully, finding old pensions is a relatively straightforward process.
But before exploring how to find an old pension, it’s important to understand what happens to them in the first place.
What happens to old pensions?
In the UK, lost pensions are usually held by pension providers or schemes. The good news is that even if these pensions are left unclaimed, the money remains within the account — meaning you should always be able to claim your funds.
Why should I trace my old pensions?
Well, because it’s money with your name on it, essentially!
Finding old pensions using the pension tracing process could help give you more money in retirement.
Even if you don’t think they’re worth a lot, you’ll be surprised at how quickly those ‘small’ pension pots add up to a significant number!
Once you’ve managed to get your hands on your old pensions, you might want to just keep track of them all individually.
The other option when finding old pensions is to combine them all into one personal pension — which you can take with you even if you change employers. Combining and having those smaller pension pots invested as one larger amount is known as consolidation, which we’ll go into more detail about later.
As with all types of investing – including your pension – capital is at risk, and you may get back less than you put in.
Do I need to know my NI number to find my pensions?
Knowing how to find old pensions could be made easier by knowing your National Insurance (NI) number. As well as on your National Insurance Number Card, this nine-digit number can be found on payslips, P60s, or letters about tax, benefits, and pensions.
The good news is that you don’t need to know it to use (which is a popular way to start finding old pensions).
This free service checks over 200,000 workplace and personal schemes to try and find old pensions.
Please note, however, that the Pension Tracing Service can only provide contact details for pension providers. It can’t tell you whether or not you actually have a pension with a particular provider or, if you do, what that pension’s value is.
If you do it online and get a “no matching results” page, then you could try phoning them on 0800 731 0193 to see if you get better results that way.
If you don’t have any of this information about your old employer or pension provider, then there are private companies that offer a pension tracing service (although there may be a fee involved).
How to find old pensions
How to find old pensions largely depends on which category you fall into.
If you don’t know the provider, for example, then your best bet is to use the government’s Pension Tracing Service just mentioned.
The process for finding old pensions from previous workplaces – or when you know the provider – is a little different.
Finding a lost pension when you know the provider
Step 1: Find your policy number
Normally, your pension provider will post an annual statement to you (this should be the case even if it is a lost pension that you no longer pay into). Your policy number should be included in the letter, making accessing your pension a relatively straightforward process.
Step 2: If you can’t find a statement
If you’ve checked your drawers and files but can’t find your statement, you may still be able to find your pension by contacting the provider.
Step 3: Have some basic information ready
In this situation, they’ll ask you to provide some personal details and answer a few security questions to help you find your lost pensions.
Finding a workplace pension when you don’t know the provider
Step 1: Contact your old employer
If you think you had a workplace pension but don’t know who the provider is, your best bet is to contact that employer, as they should have kept a record of it.
Step 2: Ask the right questions
It’s important when asking your previous employer to include the dates you started working and the dates you finished, as they may have changed provider during this time (and your first pension may not have been transferred when the second was opened).
Step 3: Contact the pension provider
When you know who the provider is, you should be able to find old pensions by simply contacting them.
How long this process takes will depend on how much information you already have; if you’re starting from scratch having to look through old files and contact employers, then it could take anywhere from a few hours to a couple of weeks.
Once you have tracked down and reclaimed your old pensions, what next?
Can I consolidate my old pensions?
As mentioned earlier, consolidating your pensions basically means combining all – or some – of them into one pot.
Once you know how to find old pensions, consolidating and having them all in one place could help you take control of your retirement savings.
Here are the three main benefits of pension consolidation:
- Having one pension pot to look after and monitor – as well as one provider’s set of rules to follow – might make life easier.
- You’ll only have one set of fees to pay. In the long run, this could make a big difference if you consolidate with a provider which has lower fees than your existing schemes.
- If you’re disappointed with the investment strategy of your current provider, you could get better performance elsewhere. It’s important to remember, however, that with investing, your capital is at risk, so the value of your investments can go down as well as up, which means you could get back less than you initially invested.
Is there anything else I should consider before consolidating my old pensions?
Transferring to Wealthify is simple, but to ensure you’re getting a pension that’s right for you, there are a few things to check:
Fees: At Wealthify, there’s one low annual management fee of 0.6%; please understand how your current fees compare with ours.
Charges: We don’t charge you for transferring to or from Wealthify. However, always check to see whether your existing pension provider has an exit charge.
Benefits: Check you won't lose features such as loyalty bonuses. You can usually find this information on your existing statements, online account, or over the phone.
Other things to know:
- In your interest, we can't accept transfers of pensions with safeguarded benefits such as Defined Benefit pensions, those with a guaranteed income, or those where you can get more than your 25% tax-free cash.
- We can’t accept transfers from pensions you’re already taking an income from.
- While the transfer takes place, your pension will be ‘out of the market’, as your existing provider needs to sell your investments before transferring it as cash.
- Combining two or more pensions doesn’t guarantee more money in retirement and investment performance is never guaranteed.
If you’ve made it this far, hopefully you’re now feeling a bit more confident when it comes to finding old pensions.
If you are, then why not move them all to Wealthify?
The transfer process usually takes 2-6 weeks (although some transfers can take longer), and all you need to do is just tell us a few basic details about the pension you'd like to transfer to us — then we'll do the rest for you.
We make having all your pensions in one place easy, meaning once you’ve consolidated your old pensions, you’ll never have to worry about having to find old pensions again!
Check out our pension transfer page to learn more.
With investing, your capital is at risk, so the value of your investments can go down as well as up, which means you could get back less than you initially invested.
Your tax treatment will depend on your individual circumstances, and it may be subject to change in the future.
Wealthify does not provide financial advice. Seek financial advice if you are unsure about investing.
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