Pension saving is usually an endeavour enacted throughout a person’s lifetime, and it can take decades to build up a fund for retirement. It is likely to be the case most people have several pension arrangements, both through workplaces and potentially personal pensions they have established themselves. But for this reason it can be easy to lose track of pension arrangements a person has garnered throughout their lifetime.
The more information a person is able to provide, the easier it is likely to be to track down a lost pension.
However, Mr Matthews explained that even with an individual’s date of birth and National Insurance number, it is likely their lost arrangement can be traced.
It may, though, be the case that a company has since gone out of business or merged with another organisation since a person last worked there.
While this may complicate circumstances, it does not mean individuals should write off finding their pension entirely.
Instead, it is likely people will need to undertake additional research into the actions of the company since departing.
But for people dealing with companies which have since gone out of business, Mr Matthews offered specific advice.
He added: “If the company folded, it may have taken the scheme with it, but more likely it was protected somehow.
“Many pensions were run by insurance companies which were separate from the company, so it might be a case of tracking down the provider.”
An alternative option to pursue to help find a lost pension is the Pension Tracing Service, run by the Government.
In 2016, a new Department for Work and Pensions (DWP) was launched by the service to help people easily and quickly locate their lost pension savings.
At this point, the Government estimated there was approximately £400million in unclaimed pension savings.
This shows how lucrative tracing old pensions could potentially be.
The online tool is accessible through the Government website and is entitled ‘Find pension contact details’.
Here, individuals will be able to find contact details for their own workplace or personal pension scheme, as well as someone else’s scheme if they have permission.
It is worth noting, however, that the service will not tell people if they do have a pension, nor what its value is.
The information individuals will need to have to hand is the name of an employer or pension provider.
Then, the tool will provide details of potential pension schemes and their contact details.
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