Over the course of your career, you’ll likely work for multiple employers, and thanks to auto-enrollment, this means you’ll probably end up with many different pension pots. The only problem is that you may lose track of them over time, which is never a good thing! Fortunately, finding lost pensions is relatively simple with the help of the Pension Tracing Service, but this may not be your only option.
Why Is Tracing Lost Pensions Important?
Your pension pot can never have too many contributions, so it’s vital that you locate all unclaimed and old pensions and consolidate them. Keep in mind that if you do not claim a pension within six years of your chosen retirement age, you’ll no longer be entitled to the funds. This means that you could potentially lose tens or hundreds of thousands of pounds. Rather than make this costly mistake, learn how to trace lost pensions now and track yours down!
How To Trace Lost Pensions
If you are one of many who’ve lost a pension, there are four main options for finding them.
Do you know the name of the provider? If so, contact them, and they should be able to help you locate the pension and provide a clear overview of its value and status.
Can you contact the employer that provided the pension? When tracing lost workplace pensions, it’s usually wise to start with the employer that provided it to you.
Check out a pension tracing service. If you’re having problems locating the pension on your own, there are several free services that can help. One such service is provided by the government and allows access to a database containing over 200,000 pension schemes. If you don’t have luck with that service.
Contact a financial advisor. If you’d rather hire someone that knows how to trace lost pensions, turn to a trusted financial adviser. These professionals can approach the proper organizations and bodies for you, and they already know what questions to ask.
What Do You Need to Trace Lost Pensions?
Ensuring that you have all the required information before tracking down a lost pension will save you a lot of time. Here’s a quick look at what you’ll need:
● Your date of birth
● The date your pension began
● Your National Insurance Number
● The pension plan number, if you know it
If you’ve lost a workplace pension, also be sure to have these details on hand:
● The current name of the employer
● The dates (start to finish) that you worked for the employer
● The dates that you joined and left the pension scheme
In the event that you have to call your former employer, here are some valuable questions to ask:
● What was the name of the pension provider?
● What type of plan is it?
What Happens After You Find All Lost Pensions?
Once you’ve located all of your pensions, it’s time to create an investment strategy to maximize your retirement income. Just keep in mind that there are tons of pension options available, so take time and carefully consider each before making a final decision. And since today’s financial decisions can affect the next 20 years of your life, try to get them right!