Pension

Finding an old pension can be a challenge we move house, lose track of old employers – or have been employed by individuals who are no longer with us, or by companies which are long-defunct. We lose important documents, some of us change names and old pensions are forgotten.

The Government offers a free pension tracing service for exactly this problem, and if you’re wondering whether you have a long-forgotten pension pot somewhere, you’re not alone; 1.2 million people had used the pension tracing service within two years of its rollout.

Whether it’s a lot of money or just a little, even if it’s from a job that lasted for six months, part-time 50 years ago, it’s sitting in a pension fund, and it could be better off in your family funds or boosting your retirement income.

Tracing a pension

The Government’s pension tracker service takes you easily through the process of finding the right person to contact about a pension. This includes NHS, civil service, teachers or armed forces pensions. Searching by employer, or name of workplace or personal pension scheme brings up all the details you need to contact the scheme and find out more. If you’re unsure of the employer’s details, or if they no longer exist, you can search for existing or former companies through the Government’s Companies House search service.

For free advice on what to do with old pension funds, the Pensions Advisory Service gives free, impartial advice on the best ways to manage pensions, whether old or current, private, workplace, or the state pension. IMPORTANT: you should seek independent financial advice before making any changes from a financial adviser who is authorised and regulated by the Financial Conduct Authority (FCA).

People who are aged over 50 who find they have pensions scattered here and there can get advice from a government service Pension Wise to see how to access, transfer or consolidate their pensions.

If you’re unable, or prefer not to, use their website, you can call the Government’s Pension Tracing Service for free on 0800 731 0193.

The gov.uk tracing service is completely free and designed to find details of who to contact about your old pensions. It does not tell you whether you had a pension plan with the provider; only who it would have been if you did, and their contact details. It also cannot tell you how much money you might be due from your old pensions. There are other services which are not attached to the government which can do more of the work for you, for a fee; if you decide to use one of these services, make sure you’re clear on how much it might cost you.

It is always recommended that you seek individual financial advice before making any changes to existing arrangements.