It has been estimated that there could be 1.6 million unclaimed pension pots out there, worth £19.4 billion, which have either been lost or forgotten. That’s the equivalent of nearly £13,000 each, which in the current cost of living crisis, could go a long way to improving your retirement.
Research commissioned by the Association of British Insurers (ABI) has found that although the majority of people think about telling their GP or dentist when they move house, very few think about telling their pension provider about their change of address. As a result, as many as 1 in 30 people could have a pension they didn’t know they had. That’s why we’re supporting the National Pension Tracing Day on 30th October. To make sure that you don’t lose out, you should check the whereabouts of all of your pensions and claim back any that may have been misplaced. If you’ve moved house or changed jobs, you could have an old pension waiting to be found. The first step to hunting down your lost pensions is to look through any paperwork that you might have. Hopefully, you’ll be able to find either an annual statement or the starter pack you received when you first joined. Failing that, you should look through your old employment contracts or payslips for any signs of pension contribution deductions, paying particular attention to details of the scheme administrator or pension company holding your money. If you’re not able to find any paperwork, then get in touch with your old employer. Explain why you’re contacting them and ask for the name of the company’s pension provider at the time that you worked for them, together with their contact details. Alternatively, you could use the Government’s free Pension Tracing Service. Please note though that the service won’t be able to give you any values or plan numbers, but it may be able to help you find contact details for your pension. Finally, once you’ve found your pension and reconnected with your provider, you’ll want to review the plan to make sure that your investments still match your attitude to risk and objectives. You should also check what fees you’re paying, what the scheme rules are around your retirement age and how you can access your plan. If you are looking for expert financial advice to help you with your pensions and retirement planning, please do not hesitate to contact us for an initial no obligation consultation at our cost. A pension is a long-term investment not normally accessible until 55 (57 from April 2028). Your capital is at risk. The value of your investment (and any income from them) can go down as well as up and you may not get back the full amount you invested. |