The Benefiz Guide to Tracing Lost Pensions
Posted on 29th November 2024 at 15:40
The Benefiz Guide to Tracing you Lost Pensions
If you’ve worked for multiple employers over the years, it’s easy to lose track of your pension pots. Fortunately, tracing your pensions in the UK is a straightforward process. Here’s a step-by-step guide to help you find your lost pensions and ensure you’re on track for a comfortable retirement.
1. Contact Your Existing Pension Provider
Your existing provider will be able to help you find lost pensions, they carry out the searching on your behalf by contacting a third party. You may need to have your national insurance number to hand. This is especially useful if you are planning on combining your pensions into your existing provider’s pot.
2. Gather Your Information
If your existing provider is not offering to help, or maybe you are not ready to commit to combining them into your current provider, start by collecting any documents related to your past employment and pensions. This includes:
• Payslips
• P60s
• Pension statements
• Employment contracts
Having these documents handy will make the tracing process smoother.
3. Contact Your Former Employers
Reach out to the HR or payroll departments of your previous employers. They can provide you with details about the pension schemes you were enrolled in and the contact information for the pension providers.
4. Use the Pension Tracing Service
The UK government offers a free Pension Tracing Service. This service can help you find contact details for your pension schemes. You can access it online or by phone:
• Online: Visit the Pension Tracing Service website. Find pension contact details - GOV.UK
• Phone: Call the Pension Tracing Service on 0800 731 0193.
5. Check Your Personal Records
Review any personal records you have, such as old bank statements, which might show pension contributions. This can give you clues about the pension providers you need to contact.
6. Contact Pension Providers
Once you have the contact details, reach out to the pension providers directly. Provide them with as much information as possible, including your National Insurance number, dates of employment, and any reference numbers you have.
7. Keep Records Updated
Once you’ve traced your pensions, keep your records updated. Notify your pension providers of any changes in your contact details to ensure you receive all future communications!
So now you have all your information - what next?
Check what retirement age each pension provider has for you. Is it in line with when you plan to start taking your benefits? If not, ask the provider to update it for you.
Check how each pension pot is currently invested. Do you want to change the investment choices to reflect how you feel about investment risk, or bring them more into line with your retirement vision? (This only applies to defined contribution (DC) pensions, which grow from contributions and investments. Your provider will be able to tell you what sort of pension it is.)
Check the charges on your pension pot. If it was set up some years ago there could be several charges, including ‘paid-up’ charges where you pay more because you’re not contributing to the pension. Charges have generally reduced over the years – so a modern pension could offer better value for money.
Fill in, or update, an expression of wish form (which may also be called a ‘nomination’ or ‘nomination of beneficiaries’ form) for each of your pensions. This form names the people (or organisations) you’d like to get the benefits that would be paid if you die before you have taken them.
There are potentially good reasons to collect all your pensions together in one place, known as ‘consolidation’.
It could make your pension easier to manage, as you’d be able to see exactly how much you’ve got.
It could save you money on charges, as you’d only be paying charges to one pension provider rather than several, and you could choose a provider with lower charges.
You might even find you’ve got more choices when you take your benefits.
But beware! Consolidation may not be right for you, especially if some of your pensions have promises or guarantees you’d lose if you transferred them.
Note: Benefiz Ltd are not Independent Financial Advisers (IFA), the above advice is for general information only. If you need an IFA, ensure the person or company is registered with the FCA Register Home Page.
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