How to track down old pensions - Everything you need to know

Saving for our pension is an important aspect of our finances, allowing us to save a healthy sum of money to have a comfortable retirement later on down the line. Despite this, there’s approximately £31.1 billion sitting in pension pots that have been forgotten about or left unclaimed, with an average of around £9,500 per pot. 

Could you be owed thousands of pounds in long lost pension savings? Tracking down lost pensions is much easier than you think. To explain, Money Expert’s commercial director Liz Hunter answers the key pension tracing questions so that you can make sure you claim all the money you’ve saved throughout your career. 

How do I track down my pensions? 

Think back on your work history

Make a list of all your previous employers. If you struggle to remember them, digging out an old CV could help. Do you have one saved on your computer or somewhere in your email’s ‘sent’ folder from a past application? For most of these jobs, especially those that were full-time, you likely paid into a workplace pension. 

Dig out the pension paperwork you saved

Now that you have a list of previous employers, try to locate any old pension statements you may have saved. For each role, try to find a matching statement. If successful, note down the pension scheme or provider's name and any relevant reference or membership numbers.

Do some detective work

Do you have gaps on your list of pensions? Don’t worry. You’ve got a few options. You could contact your previous employer and ask for the details of their workplace pension. Be prepared to share your dates of employment and job title with them. Once you’ve got the details, add them to your list.

If you still feel you’re missing some pensions, you could use the government’s free Pension Tracing Service. Their service is easy to use, but you will need the name of an employer or a pension provider to use it. Once your pensions are located, a pension specialist will contact you to report back on what they've found.

Get in touch

At this point, you should have a list of all your pensions. Next, you’ll want to contact the provider and check that they have a record of your pension plan. If they do, find out how much is in your pot and ask them to send you an up-to-date statement. You’ll also want to ensure that your contact details are current so that you can easily access your accounts when needed.

Extra tips:

• Some pension providers might have changed their names or joined forces with other companies. If you can't find your pension even though you have a statement, you might need to do some extra searching. Try searching online for the pension provider's name or contacting the Pensions Regulator.
• Once you have all the details of your pensions, it could be helpful to type up all the details and file them away (or save them on your computer) for future reference.

Should I consolidate my pension into one fund or keep them separate?

Now that you've located all your lost pensions, you might discover that you have multiple pots, which can be overwhelming, potentially costly and you may find that they aren’t performing to their full potential. 

Pension consolidation, generally speaking, is a great solution. This is when you combine all (or some) of these different pension pots into one single pension to make things easier to track and manage.

By consolidating your pensions, you can:

• Simplify management: Managing one pension pot is easier than managing several. Although consolidating your pension pots will take some admin time in the short term, it’s likely to save you time over the long term.
• Receive a single pension payment: Once you retire, having several pension pots means you’d receive several smaller pension payments. By consolidating your pensions, you’ll receive one larger payment.
• Reduce costs: Every pension plan comes with various fees. By having several pots, you’ll be paying these fees to multiple providers. Consolidating your pension pot means you’ll only pay one set of fees.
• Get a better return: Some of your pots are likely to be outperforming others. Transferring all of your pensions into one of your better-performing schemes could mean you make a higher return on your investment over time. Plus, larger pension pots often have access to a wider range of investment funds.

However, it's important to consider the potential drawbacks:

• Lose benefits: If any of your existing pension schemes offer a final salary scheme, guaranteed annuity rates or guaranteed growth rates, these are highly valuable benefits. If you leave these schemes, there’s no guarantee you’ll get the same benefits elsewhere.
• Exit fees & penalties: While consolidating your pensions generally means you’ll pay fewer fees in the long term, you could face some fees & penalties in the short term. Check the small print of each of your schemes and note down any exit fees and penalties.
• Risk: You can often reduce the amount of fees you pay, and gain access to better investment options, by consolidating your pension. But it’s important to note that this isn’t a one-size-fits-all rule, and depending on who you transfer your pension to, you could end up worse off.

Before you begin the pension consolidation process, it’s important that you know and compare the features and benefits of the plan(s) you are thinking of transferring to. For free and impartial advice on choosing the right one for you, get in touch with Pension Wise by Money Helper.

How to consolidate my pension

By now, you should have all the details of your pensions, and know which pension pot you want to keep – so here are the next steps:

Get a transfer value

Contact each of your pension providers and request a transfer value. Have your reference or membership numbers on hand to make the process quicker.

Complete the pension transfer process

Next, you’ll need to complete all the necessary forms provided by your chosen pension provider. These days, this can usually be done online. Make sure you’re aware of the terms and conditions of the transfer, as well as any fees.

Be aware that this process can be time-consuming. You’re likely to need to provide ID, proof of address and other supporting documentation. Once the admin is complete, the transfer can take anywhere from a few weeks to several months.

Keep up-to-date with your new pension

After the transfer, see this as an opportunity for a fresh start. Explore the investment options and select the one that best suits your needs. Monitor your consolidated pension's performance and make adjustments when necessary.