How to find lost pensions
Discover if you have unclaimed funds waiting for you
Lost pensions are becoming an increasingly common issue in the UK, and many pensioners are missing out on money they’re entitled to. In fact, it’s estimated that 2.8 million pension pots, worth a staggering £26 billion*, are unclaimed and sitting idle.
On this page, we’ll look at how you can tell if you have any lost pensions, the different pension tracing services available, and the steps you can take to reclaim your funds.
How to find lost pensions: You can trace lost pensions by contacting previous employers or known pension providers, or by using free services like the government pension tracing service
Why it’s important: Many people fail to keep tabs on their pensions – sometimes to the tune of thousands of pounds – due to job changes, moving houses, or not updating personal details
What happens next: Once you’ve found a lost pension, you might then withdraw funds, consolidate with existing pensions, or reinvest in a high-interest savings account
What is a lost pension, and how do I know if I have one?
A lost pension refers to any pension savings that people have contributed to but lost track of over time. This could be a workplace pension, personal pension, or self-employed pension. It can easily happen if your personal circumstances change, and you forget to update the new details with pension providers. A good example is changing jobs: you can usually take your workplace pension with you, but many people fail to do so, resulting in a trail of unclaimed pensions.
Lost pensions are more common than you might think – nearly a third of people in the UK aren’t sure how many pension pots they have**. With so many people affected, there’s even a day dedicated to the issue. On National Pension Tracing Day, people are encouraged to use the extra hour when the clocks go back for winter to find old pensions.
Here are some common reasons why your pension might have gone missing:
Job changes: Did you work somewhere briefly and think the pension wasn’t worth chasing? It’s easy to overlook small pension pots, especially from temporary or short-term jobs.
Moving houses: If you’ve moved and forgotten to notify your pension provider, they might have stopped contacting you.
Name changes: Changing your name after marriage or other reasons can make it harder to match you with your pension records.
Moving overseas: If you worked in the UK, then moved abroad and later returned, you may have lost track of your pension funds from your time in the UK.
Pension provider changes: The company managing your pension might have merged with another or been taken over.
Even if you’re not sure whether any of these situations apply to you, it can still be worth taking some time to trace old pensions. With a bit of detective work, you could discover significant funds – potentially worth thousands of pounds.
Is it worth tracking down a lost pension?
It’s always worth the effort to track down any lost pensions, even if you think they are small. Forgotten pension pots can grow over time, especially if it earns compound interest. A pension scheme you entered into years ago could have ballooned into a much larger sum without you even knowing. In fact, figures on the average lost pension pot in the UK range from £9,500 to £13,000, so these are not inconsiderable sums!
Saving for retirement might feel like something far off in the future, but the earlier you start saving, the better prepared you’ll be. Plus, your lost pension savings may be sitting in underperforming schemes that bring little benefit. Once you know how to find lost pensions, you can make sure that every bit of your savings is working for you. You’ll be able to build a larger nest egg for your retirement, making it easier to maintain the lifestyle you want later on.
How do I find all my old pensions?
Knowing how to find lost pensions starts with locating the contact details of all your pension providers. There are three common routes you might take to do this, depending on what information you have to hand.
1_Contact your pension providers
The first step to finding old pensions is to reach out to any providers you’re already aware of. If you’re not sure, start by checking old pension statements or letters for their names and contact details. Your payslips can also provide clues, as pension deductions often list the provider’s name. If you have a personal pension, reviewing old bank statements might help, as regular contributions may show the provider’s name.
When you get in touch with a pension provider, they will likely ask for details like the date the pension was set up, along with personal information such as your date of birth and National Insurance number.
This is usually the best starting point for a pension search. Once in contact, you can ask for full details of your pension, including its current value and an estimate of what you’ll receive at retirement.
2_Contact your employers
If you know you’ve contributed to a workplace pension, consider contacting your previous employers for the details. They’ll be able to tell you what type of pension plan you were enrolled in – whether it was a defined benefit or defined contribution plan – and which provider it was with.
Your CV can help you recall past employers. Once you have a company name, a quick online search should give you their contact details. Platforms like LinkedIn can also come in handy in your pension search; you might reconnect with former colleagues who remember the pension details or know where to find them.
When contacting your employer, they’ll likely ask for your employment dates and your National Insurance number to help locate your pension records.
3_Use the government’s free pension tracing service
If contacting pension providers or employers hasn’t been fruitful, the government’s free pension tracing service is an easy-to-use tool to find lost pensions.
Government pension tracing service
The government pension tracing service is a free resource that helps you find the contact details for your lost pension plans, whether they are workplace or personal pensions. Once you have this information, you can reach out to the pension providers directly.
Keep in mind that this service cannot be used to trace old pensions from the NHS, civil service, armed forces, or teachers’ pensions. For these types of pensions, you’ll need to contact the relevant pensions departments directly.
Gretel pension finder
Gretel is a free service that you can use to find lost pensions as well as forgotten child trust funds, bank accounts, and investments. One of its key benefits is that you can use it even if you don’t have the contact details of your pension provider or your pension plan numbers.
However, because the Gretel pension finder is a newer service (having launched in 2022), it may not have as much information on its databases as the government’s service.
To trace old pensions, Gretel will use details like your name, current address, and date of birth.
Pension provider tracing service
Many pension providers offer their own free pension tracing services to help you track down all your workplace pensions. With Aviva, for example, you can discover details about each of your workplace pensions. However, they might then encourage you to combine them into a single account, which can come at a cost.
How to find lost pensions with an NI number
You’ll need your National Insurance (NI) number when trying to find old pensions, as it helps pension providers verify your identity. Of course, you’ll need to know the provider’s contact details first.
Alongside your NI number, be prepared to provide personal details like your date of birth and pension setup dates to help them locate your accounts quickly.
How do I find my pension record?
Regardless of whether you have a workplace pension, personal pension, or self-employed pension, you will usually be sent a pension record once a year. This statement outlines your contributions and indicates how much income you can expect to receive in retirement. If your savings are invested, it will also provide performance updates on those investments.
Sometimes, you might stop receiving these statements, especially if you’ve moved house. If you suspect you have a pension but haven’t received any statements, try contacting your pension provider or use one of the other services for finding lost pensions discussed earlier.
The information provided here is for informational and educational purposes only and does not constitute financial advice. Please consult with a licensed financial adviser or professional before making any financial decisions. Your financial situation is unique, and the information provided may not be suitable for your specific circumstances. We are not liable for any financial decisions or actions you take based on this information.
What should I do with old or lost pensions?
Once you’ve found a lost pension, the next step is to check its value and understand the conditions for accessing it. What you decide to do next will largely depend on your immediate financial needs and current situation.
You might simply want to confirm that the pension exists and leave it untouched. In that case, you could check the pension provider has the correct details on file, and request a statement for your own records. You’ll still be able to reclaim the benefits later on, no matter how long you leave them.
However, if you need to access the lost pension funds soon, there are various options:
Take income: If you’re at retirement age, you can start taking income from the pension. The provider will have set an age at which you can do this, which is usually 55 years.
Take a lump sum: If the pension’s value is less than £10,000, and you’re over 55, you can withdraw the entire amount as a lump sum. Just be aware of tax implications; 25% of the amount you withdraw will be subject to tax at your usual rate.
Earn interest on your pension savings: If you choose to take a lump sum, you could consider placing the funds in a lump sum savings account. This way, you can earn interest while still having the option to withdraw cash when needed.
Consolidate with existing pensions: If it’s an option offered by your current pension provider, consolidation makes it easier and quicker to access multiple pensions once you retire. Knowing the total amount in your pension pot can also help you plan for retirement. Just be cautious about potential fees – check with your provider to see if they charge. Also, by changing providers, you might lose certain benefits that came with the pension.
Seek financial advice: By consulting a pensions adviser, you’ll receive personalised advice relevant to your situation.
Finding a lost pension is just one step in planning for retirement. You might also like to find out if you can take early retirement, how much state pension you might get, and whether you qualify for tax relief on your pension.
Reinvesting your pension lump sum
If you decide to withdraw a small lump sum from your traced pension, you might consider investing it in a high-interest savings account.
By registering for a free account with Raisin UK, you can easily explore options like easy access savings accounts, notice accounts, and fixed rate bonds from various banks and building societies. Plus, your savings are protected up to £85,000 per person, per financial institution, thanks to FSCS deposit protection.