As retirement approaches, tracking down all your lost or forgotten pension pots can feel like a daunting challenge. However, finding them could significantly boost your retirement income.
Why Finding Lost Pensions Matters
Robert Cochran, retirement expert at Scottish Widows, explains: “People tend to have three questions about pensions: What have I got? Is it enough? And what can I do next? If you can’t find your pension pots, you can’t answer any of these questions.” Knowing what you have is fundamental to planning your retirement. Delaying the search could cost you. Cochran adds: “I’ve met people who found £26,000 in pension pots that they never knew they had.”
Simple Steps to Track Down Your Pensions
Write Down Your Employment History
Start by listing all your former employers to estimate how many pots you might have. Contact HR departments of past companies to find details of workplace pension schemes you may have been part of.
Use the Government Pension Tracing Service
This free tool helps you find contact details for workplace or personal pension schemes. You only need the name of an employer or pension provider. Additional info like employment dates can help. You can also call 0800 731 0175 (Monday to Friday, 10am to 3pm). Be wary of unsolicited pension review offers, as they could be scams.
Download Pension Provider Apps
Once you locate your pots, download apps from providers like People’s Pension, Standard Life, and Legal & General. These apps let you access and update your pension info easily. Using biometrics (fingerprint or facial recognition) makes logging in quick.
Consider Consolidating Your Pensions
Most people have around 11 jobs over a lifetime, and managing multiple pots can be cumbersome. Consolidating them into your current workplace scheme is often straightforward via apps. However, avoid transferring from defined benefit schemes, as they are different.
Test the New Pensions Dashboards
The UK Pensions Dashboards Programme will allow you to see all your pensions, including state pension, in one place online for free. Most major providers are already connected, with full connection by October. The government is currently testing with 20,000 members of the public. Cochran predicts a launch sometime next year, likely after April.
