How to Trace a Lost Workplace or Personal Pension
The most important part of planning for retirement is knowing how much money you will have available. Travel, healthcare, day to day living – these all depend on what you have saved and will have coming in from any pensions you may have. Often, you may find you have lost track of a pension from a previous job or a personal pension you set up, however there are ways you can find this again.
How to trace a personal or workplace pension
Pension schemes usually send a statement each year which includes an estimate of the retirement income that the pension pot might generate when you reach retirement. However, you may have moved to a new house and are no longer receiving these. In cases such as this, you can contact:
- The pension provider
- The Pension Tracing service*
- Your former employer if it was a workplace pension
Tracing a personal pension
If you decide to contact your pension provider or old workplace, it is a good idea to give them the following details in your email or letter:
- Your plan number
- Your date of birth
- Your National Insurance number
- The date your pension was set up
The Money Advice Service also recommends asking the following questions:
- What is the current value of the pension pot?
- Is there a nominated recipient for any death benefits?
- How much has been contributed into the pension pot?
- What charges are you paying for the management of the pension pot?
- How much income is the pension pot likely to pay out at your chosen retirement date?
- How is the pension pot being invested and what options are there for making changes?
- Would there be any charges if you wanted to transfer the pension pot to another provider?
- What are the death benefits – in other words, how much money would be paid from the pension if you died?
Tracing a workplace pension
Logically, the best place to start when looking for a lost workplace pension is your previous employer. There is an exception which is if your employer provided access to a personal or stakeholder scheme – in that case, you should contact the pension provider if you know their details. Your previous employers should know this if you can’t remember.
You should provide the same information as you did when looking for a personal pension which is detailed in the section above. The key questions this time are:
- What type of plan is it? (i.e. defined benefit or defined contribution?)
- If it’s a defined contribution scheme, ask which pension provider your pension is with
Using the Pension Tracing Service
If all else fails and you can’t find the contact details of an old employer, or you don’t know the provider of an old personal pension, there is always the Pension Tracing Service. This is free and uses a database of more than 200,000 workplace and personal pension schemes to find you the correct contact details.
If you want advice on your pension or planning for retirement, get in touch with us today at firstname.lastname@example.org or call 01992 500 261 now and see how we can help address your financial future.
This article is for information only and must not be considered as financial advice. We always recommend that you seek independent financial advice before making any financial decisions. Investments can go down as well as up and you may get back less than you invested.
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gpfm are an independent financial planning company dedicated to the provision of personal, professional and objective-driven advice for our clients. We have been awarded the Chartered Financial Planners title by the Chartered Insurance Institute for offering high quality, independent and informed advice that meets the needs of our clients.