If you’re asking “How can I find my pension?” and are in any way embarrassed, don’t be.
There are hundreds of thousands of people just like you who have lost track of a pension from an old employer. More than 70,000 people a year ask for help in finding a lost pension.
The amount of money involved is huge — it’s estimated that billions worth of pension funds have been forgotten about or lost.
This handy video from the Pensions Advisory Service explains how you can go about finding that pension and claim your money. The service is a government agency that gives free help and guidance on pension matters.
Find my pension
Here’s my take on this video and your situation:
- In order to plan for your retirement, you need to know how much income you’ll get from all sources, including your pensions, the state pension, savings and benefits.
- If you’ve moved around jobs you may have a number of frozen pensions from previous employers. It’s the oldest ones from the start of your career that you’ve likely lost track of.
- These pension pots could be worth a lot of money because they’ve had a long time to grow.
- However, the current performance of your funds might not be good and there’s a chance that the value of your fund growth is not keeping up with inflation. That means your fund could be worth less in real terms in the future than it is today. Worse, if the pension provider can’t find you, then you’ll never get the benefit of the money that’s earmarked for you!
- It’s therefore important to find your pension as soon as possible so that you can get control of your investment.
- Once you’ve tracked down your money you’ll then be able to consider whether it’s right to exercise your pension transfer options and move the money into another fund that has better growth prospects.
If want to plan for your retirement or want someone else to track down your pension for you just let us know. We’ll be happy to set up a free initial telephone consultation with a qualified adviser to discuss your objectives.