Caption: Roger Jackson
It’s very common for people to go through their working life acquiring various pension pots from different employers. It’s also very common for people to forget to notify a pension provider when they change address - making the pot very easy to forget about as years go by when no longer receiving correspondence or statements from them.
I recently saw an alarming statistic on this - would you believe that there is an estimated £400million of pension funds unclaimed!?*
If you think you may have a lost pension, it should be very simple to locate using the new and improved service from The Department of Work and Pensions (DWP). It’s a free service which searches a database of more than 320,000 pension scheme administrators, and it provides you with results instantly. All you have to do is enter your previous employers’ details into the online database, and you should be provided with the contact details for pension schemes you may have paid into.
Over the past ten years, there has been a 436% increase in tracing requests which is likely to continue to increase in light of the recent pension freedoms.
To see if you have an unclaimed pension, just follow the link - www.gov.uk/find-pension-contact-details
*source: FT.com (13/05/16)