As an employee, you may probably experience some benefit problems surrounding your pensions. The truth is that there are more professionals who have experienced problems relating to lost pensions and questions are being raised on how to track them down.
From 2013, the government’s auto enrolment scheme started where all employees started to be enrolled into a workplace pension scheme, and as such, even more questions were being asked about these missing pension schemes.
Reasons Why There are Lost Pensions?
Lost pensions occur due to several reasons. The first one is down to current and past employees informing their former employers about their change in address. If you are currently employed and your family is planning to move, you must inform your current employer as well as your previous employers for the sake of your pension. Remember that your pension will be a lending support for you once your retirement starts. The problem behind lost pensions is typically more widespread compared to what you think about it.
Another issue occurs when companies change their name or cease trading, causing millions of workers to lose track of their pension pots.
According to research from Age UK, they found that 23 per cent of British adults hold at least one pension which they have lost track of, leading to a string of ‘black holes’ in retirement funds.
Its been estimated that up to five million people are missing out on retirement income because they have lost their pensions, resulting in a staggering £3billion worth of unclaimed occupational and personal pension funds.
How to Find and Claim Your Lost Pensions?
The Pension Tracing Service, which is free and with no obligation, can help you find a pension you have lost track of, even if you don’t have any paperwork or the contact details of the provider or old employer.
To start, you simply need to gather any information you have about your old employer, including all trading names it may have been known by in the past. Also make a note of when you were paying into the scheme. The Pension Tracing Service will then use this to track down your lost or unclaimed pensions.
There are some businesses that offer similar services which you should be aware of. The pension tracing service is free and you should not pay to track down these lost pensions. You should stay away from these companies because they are scams. The Government, also offer a pension tracing service but this is very limited and can result in you doing all the work.
What to Do Next?
No one can afford to ignore their pension these days. With many funds under performing you need to make sure your pension(s) are invested wisely to build a big enough pension pot to secure the comfortable retirement you’re planning on enjoying.
Perhaps you’re reading this page because you:
- Have lost a pensions and are trying to find them?
- Have an unclaimed pensions that you need more information on?
- Want to improve the performance of your pension?
- Are looking to reduce your current pension charges?
- Want to compare your current provider with others?
- Have several plans and are looking to tidy them up?
- Have moved employer and left a pension behind?
- Need to locate or trace a pension you think you may have?
- Looking for some general advice?
Whatever the reason, our free pension tracing and review service simply help you identify any potential improvements that can be made to your current provision for retirement – by consolidating plans, identifying investment opportunities and reducing charges.