Find your forgotten pensions: A step-by-step guide
- Reeves Independent
- Sep 15
- 7 min read
Losing track of pension savings is a growing issue in the UK, especially in an age where people commonly change jobs, relocate, or manage multiple pension schemes throughout their working lives. With each job change, a new pension pot may be created, and over time, it can become increasingly difficult to keep track of all the schemes in which an individual has accrued benefits. As a result, many pensions go unclaimed simply because people forget about them or no longer have the relevant documentation.
According to the Pensions Policy Institute, there are now an estimated 3.3 million lost pension pots, collectively worth £31.1 billion in assets. These lost funds represent not only missed financial opportunities for individuals but also a significant challenge for the wider pensions system in terms of transparency and efficiency.
This guide is designed to help individuals take practical steps to trace and recover their lost pensions. It provides an overview of why pensions are commonly misplaced, outlines the tools and resources available for tracking them down, and offers advice on how to consolidate and manage multiple pots effectively. By taking action now, individuals can improve their retirement readiness and ensure that no part of their hard-earned savings is left behind.
How do pensions become lost?
Throughout a long working life, individuals often move between several employers, building up multiple pension pots along the way. These pots are frequently small, especially when linked to short-term roles, and can easily be overlooked. Because retirement can feel like a distant concern, smaller pensions may not seem particularly important at the time they are created - making it all the more likely that they are forgotten.
The problem is compounded when savers change address and neglect to inform their pension providers. In such cases, providers may be left without any valid contact details, while savers themselves struggle to recall or locate old pension information. Without updated records or a clear point of contact, there is currently no straightforward system for reuniting these ‘lost’ pension pots with their rightful owners.
As per the Pensions Policy Institute, the average size of a lost pot is highest among the 55-75 age group, at £13,620. If you can find your lost pensions, they could add a significant amount to your retirement fund. That’s why it is so important to track them down.
How can I find my lost pension pots?
There is currently no straightforward method for locating a lost pension, and many individuals find the process challenging and time-consuming. However, if you know the name of your former employer or the pension provider, you can use the government’s Pension Tracing Service to assist in your search. Once you have found the pension, contact the provider with the details so that you can claim the pension and add the funds towards your retirement planning.
You may also consider seeking support from a financial adviser, who can offer more personalised assistance and potentially help you track down lost pension pots more efficiently.
If you’re struggling to track down your lost pensions, another option is to use a professional pension tracing firm. These services specialise in locating pensions and may be able to find pots that are harder to trace. However, it's important to carefully consider the cost before proceeding, as these services usually charge a fee. Weigh the potential benefits - such as uncovering significant pension pots or reducing the stress of doing it yourself - against the cost of the service.
If you do decide to go down this route, make sure to research and choose a reputable firm to ensure you’re getting value for your money. For many, using the free tools and resources available is a great first step before seeking professional help.
What if I don’t know my previous employers or the providers? Will I still be able to find my lost pensions?
If you don't know the employer or provider of your lost pensions, don't worry - there are several ways to track them down.
Firstly, check old documents. Look through old paperwork like payslips, P60s, or tax returns. They may contain references to pension providers or schemes.
Search through old emails for any communication from previous employers or pension providers.
Secondly, contact previous employers. Reach out to the HR department of your past employers. They may still have records of your pension and can direct you to the right provider. If the company no longer exists, try contacting the business's successor, such as if they were acquired or merged.
As touched upon, you can use the Pension Tracing Service. If you're in the UK, the government offers a free Pension Tracing Service. You can search for your lost pensions by providing the name of your former employer or pension scheme. It helps you find contact details for pension providers.
You could also check with the pension provider. If you have a vague memory of the provider but not specific details, try contacting pension providers directly with your National Insurance number. They may be able to locate your pension if it's with them.
Furthermore, consult the Pension Schemes Register. Some pension schemes must be registered with the Financial Conduct Authority (FCA). You can check with them if your pension provider is registered. They might also help track down the right contact for your pension.
Likewise, if you were automatically enrolled in a pension scheme by an employer (since 2012 in the UK), check with your current or most recent employer to find out which scheme they use. You can also look for documents relating to your enrolment.
Additionally, contact the Pension Protection Fund (PPF). If your pension scheme has gone bust or been taken over by the PPF, they can help track it down. The PPF provides a safety net for pensions in failing schemes.
Lastly, hire a professional. If you're having difficulty finding your pension, you can use a professional pension tracing service, though they usually charge a fee.
By using these steps, you should be able to track down your lost pensions - even if you don’t know the exact employer or provider.
Can the providers themselves help?
Pension providers efforts typically involve repeated attempts to contact individuals, often through third-party tracing services, provided that enough information is available to do so. Tracing activities are conducted at regular intervals and are usually only discontinued under specific circumstances, such as confirmation of the pension holder’s death. Additionally, providers - both individually and in collaboration - may encourage savers to take proactive steps in locating their own lost pensions. One such initiative is the Pay Your Pension Some Attention campaign, which seeks to raise public awareness about lost pension pots and guide individuals through the process of reclaiming them. This campaign has been in operation for several years and is supported by a broad segment of the pensions industry.
How can the Government help me to find my lost pension?
Another government-led initiative aimed at addressing the issue of lost pensions is the Pensions Dashboards Programme. This project is designed to give savers a comprehensive view of all their pension pots in one place, eliminating the need to remember the specific details of each individual pot. To facilitate this, all pension providers will be required to make their data accessible in a standardised format, enabling the creation of digital dashboards. These dashboards would display the location and value of each pension pot a saver holds, significantly simplifying the task of tracking pensions and potentially uncovering forgotten or unknown pots. However, the implementation timeline for the dashboards remains uncertain, and until the system is fully launched, it will not play a role in resolving the issue of lost pension pots.
Once I have found my lost pensions, what should I do?
To consolidate and make your lost pensions work harder for you, firstly review your pensions. Gather all pension statements, assess their value, performance, and fees. A financial adviser, such as Reeves Independent, can help you with this.
Decide if consolidation is right for you. Consolidating simplifies management, potentially reduces fees, but could lose special benefits. Weigh the pros and cons.
Then choose the right scheme. Compare providers for low fees and strong investment options. Choose a strategy that fits your risk tolerance.
After that, transfer the funds. Ensure direct transfers between pension schemes to avoid tax issues. Consider consulting a specialist if needed.
Moreover, maximise contributions. Increase contributions, especially if your employer matches them. Stay within the annual allowance (£60,000) to avoid penalties.
Additionally, monitor & rebalance. Review your pensions annually and adjust investments as needed.
You should also consider exploring additional options. Bear in mind Self-Invested Personal Pensions (SIPPs) for more control, and don’t forget about your State Pension.
You should also seek professional advice. Consult a financial adviser, such as Reeves Independent, if unsure, or use Pension Wise if over 50 for free guidance.
By consolidating, you simplify management and may reduce fees or increase returns. Here’s your ultimate guide to pension consolidation - everything you need to know to take control of your retirement savings and make them work harder for you.
Tracking down lost pensions can seem daunting, but with the right tools and resources, it's entirely possible to reclaim your savings and get them working harder for you. By using services like the Pension Tracing Service, contacting past employers, and utilising professional help when necessary, you can consolidate your pensions, reduce fees, and make strategic decisions for a more secure future.
At Reeves Independent, we specialise in helping individuals track down and manage their pensions, ensuring that every penny is working toward achieving your retirement goals. Our team of experts can guide you through the consolidation process, help you assess your current pension pots, and provide tailored advice on how to maximise your retirement savings.
Start your journey towards a secure retirement today. Book a free pension review with us now, and let us help you take control of your retirement planning. Your future self will thank you!
