Have you paid into a pension sometime in the dim and distant past and forgotten about it… or are unsure how to see if you are due to receive any money?
Then here’s some good news: a new DWP website has been launched by the Pension Tracing Service to help people locate lost pension savings.
They estimate that some £400m in unclaimed pension savings are in the system, and the new website will better help people to locate their hard-earned savings.
Not everyone knows about the Pension Tracing Service, which is free, incredibly helpful and (from personal experience) highly efficient. It has a database of more than 320,000 pension scheme administrators – which should cover most bases. They already operate a helpline and postal reply service, and several years ago I tested this out – asking for help tracking down two possible pension pots from around 40 years ago.
While it turned out I had no entitlements from one, the other is due to start paying me £250 a month as from next year – and that’s what I call a result.
According to Minister for Pensions, Baroness Ros Altmann: “People have had on average 11 jobs during their working life which can mean they have as many work place pensions to keep track of.
“The new DWP online Pension Tracing Service helps reunite people with their lost pensions, giving details of providers to help people track them down. I’d encourage anyone who thinks they may be missing out on any savings to use the free online service at www.gov.uk/find-pension-contact-details.”