Have I Got a Pension

Do you have a pension you are not aware of?
With just a few details we can find out for you! £3 billion in unclaimed pensions.

Our Pension Tracing Service is FREE and easy to use. Simply fill out your details and one of our pension tracing team can start the process to trace your pension...

It might come as a surprise that you may have an unknown pension pot. Over the years you could have been paying into a pension fund you were unaware of, or forgotten about. Find out if you do, in three very simple steps…

  • 1. Fill in your details Simply fill in the details above, you will receive a quick call so we can get a better idea If you have an unknown pension!
  • 2. We will put you in touch with a suitable advisor. All our advisors are regulated to ensure you get the best advice!
  • 3. Enjoy your new pension pot! How will you enjoy your newly invigorated pension pot?

£400 million is a lot of money, and currently, this pot of gold is sitting in stagnant pension funds that have most likely been forgotten by people years ago.

A recent report by the Government and PensionLink released the figure, along with the claim that around 1.6 million potential pension claimers are missing out on their retirement funds. There are helpful, free companies that assist with tracking down any unclaimed pensions. If you think that you may be one of these people, have a look below at the ways in which you can track down your pension and ensure you don’t lose out on money. There are also tips on how to prevent this happening in future and the plans in place to create a one-stop pension dashboard.


Why Pensions Go Missing

The majority of employees do receive their pension, but in an age where people are constantly changing jobs and seeking new employment, it’s easy to lose track of the benefits accrued with various employers. If a company closes or merges with another company after you’ve terminated your employment, the chances of you getting a record of your pension from this company is slim.

Building on this, a lot of people tend to have menial jobs in their early 20s and eventually settle into a more stable career later in life without realizing that there might be pension benefits for a job that they had years ago.

Another contributing factor is moving to a different house. If your pension contribution statements were delivered via post and you didn’t leave a forwarding address, then any mail delivered likely ends up in the trash.

The Pensions Advisory Service is a voluntary organization designed to assist people with their pensions. Chief Executive Officer, Michelle Cracknell, stated that it’s a requirement for pension schemes to send a benefit statement each year. If you’re not receiving your statements, then the pension provider might be trying to locate you.


How to Determine if You’re Owed a Pension

If you think you are owed an unclaimed pension you can have a look at the resources available to determine if you qualify and how to retrieve this pension.

You can start off by consulting your pension provider in order to request them to furnish you with these details. As a general rule, the higher the database maintained by a pension provider, the higher your chances of actually finding out if you are owed pension. Simply enter a former employer’s details and the search results will display schemes you may have paid into and the contact details for these schemes. Using this tool is free.

Another valuable resource you can use is PensionLink. The website is a register of various pension pots that allows savers to have one-view access to all their registered pension providers. All you need to do is enter your National Insurance number and PensionLink will display the results affiliated to that number.


Tracking Down Your Pension

Once you’ve compiled a list of all previous employers and searched through the relevant pension tracing services and PensionLink to track down any possible pension providers, you can then start contacting them.

Do note, as per PensionLink’s website, if you’ve entered your details and it hasn’t yielded any results, this doesn’t mean that you’re not owed a pension. Due to the volume of unclaimed pensions and the speed at which they receive new pension pots, the search engine is still in progress. You can leave your contact details on the website if a pension provider needs to contact you.

When contacting your pension provider, be sure to provide your updated contact details and if possible, request your statements to be sent to you via email.


Withdrawing Your Pension

If you’ve managed to track down your pension and you’re thinking about making an early withdrawal, first email their customer service to enquire about any penalty fees. Depending on your age, the stage of the pension and your retirement status, you might lose out on quite a bit of money if you withdraw immediately. Waiting a few years could save you thousands.


Keeping Track Going Forward

Although websites like PensionLink offer the search service, it’s always best for you to keep track of your pension providers and your statements. A simple excel spreadsheet with the name of the provider, the current balance, the balance stated upon pay-out, and the number of years you’ve had the pension plan can easily be updated and saved for you to refer to at a later stage.

Pension providers have come under fire for not doing enough to track down people with lost pensions. There are various initiatives coming up that aim to present all your pension information in one place and essentially, this would be a pension scheme dashboard.


The Importance of a Tracking Down Your Pension Pot

The adjustment from living on a full wage to living on a pension wage can be quite a shock initially. After working hard for years, we all envision a comfortable, stress-free retirement, but this can change once reality hits and you realize that you can’t live the same life on half the salary.

Tracking down any unclaimed pension can relieve some of this stress and make a significant difference to your standard of living, even if the amount seems small. One simple search could make the difference between a stressful retirement and a relaxing retirement.


Understanding Pension Freedom

In Aril 2015, important changes were made to allow over 55s to exercise more leeway with their spending, saving, and investing plans. The need to buy an annuity to provide an income until you die was removed, which also allows them to invest in schemes that were previously restricted to wealthier investors. There was also a 55 percent tax on pension pots that were left invested, which has now been removed.

With regards to lump sums, savers were initially only able to take one tax-free lump sum worth 25% of their pension pot, however, if their scheme allows this, they can now make multiple withdrawals, each time getting 25 percent tax-free, while the rest is taxed as income.

These changes can make a huge difference in the quality of life for pensioners, so all generations, including Silent Generation, Baby Boomers, Generation X, and Millennials are all encouraged to thoroughly research the best pension plans and saving and investing options for their future needs.