Lost track of some old pension pots? You're not alone. According to statistics, millions of pounds in pension funds go unclaimed each year. This money sits idle when it could be working for you, growing in value, and providing you with a more comfortable retirement.
So, how do you go about finding these old pensions? Here's a step-by-step guide.
Step one – gather any information you already have
Your first task is to gather any paperwork or digital information you might have regarding your old pensions. This could include old payslips, employment contracts, or correspondence from pension providers. If you can find any statements or account numbers, that's a bonus. However, don't worry if you can't find everything; even a little bit of information can be a helpful start.
Step 2 – How to find an old workplace pension
Workplace pensions are set up through your employer. To track down an old workplace pension:
Contact HR: The Human Resources department of your previous employer is the best place to start. Provide them with the dates you were employed and ask for any pension information they may have.
Check Old Payslips: Sometimes the pension provider's name is listed on your payslip.
Look Into Company Mergers: Companies change, they get bought, sold, or merged. If your old company underwent a change, find out who the new entity is and contact them.
Step 3 – How to find an old private pension
Private pensions are usually taken out independently and not through an employer.
Look Through Your Files: Search through your old documents; there might be something there you have forgotten about.
Check Your Emails: Search your old emails for any communication from pension providers.
Contact previous Financial Adviser: If you've ever consulted with a financial adviser in the past, they may have records of your old pensions.
Step 4 – Use the Pension Tracing Service
The Pension Tracing Service is a free service that helps you find your lost pension plans. All you need to do is enter the name of your old employer or pension provider, and they’ll provide contact details. Note that the service won't tell you whether you have a pension or what its value is, but it will point you in the right direction.
We are here to help
If you're feeling overwhelmed by the process, we can help guide you through the steps and may even be able to help you consolidate your pensions, making them easier to manage going forward.
Contact us today to set up a consultation and get on the road to a secure, fulfilling retirement.
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