How to trace your lost pensions

It is estimated that one in 30 UK workers have lost track of some of their pensions (opens a new window) at an average potential cost of £13,000. This typically happens after moving jobs or changing addresses, and while tracking them down might seem an arduous task, it doesn't need to take much of your time and can make a tangible difference to your pot.

Five reasons to track your pension

  1. It’s your entitlement.

  2. You’ll have more money for your retirement fund.

  3. Having all your plans together gives you better oversight and control of your retirement planning.

  4. Pension providers charge you to manage your pot - those charges vary and you could be paying higher charges for older pension pots. It’s good practice to review these charges and possibly consolidate into a single pot to reduce charges and have a more manageable pot.

  5. Generally, being proactive with your pension planning means you are in a better position to save for the retirement you want.

Tracking down your pensions

Tracing your lost pensions couldn’t be simpler. The UK government has set up a free pension tracing service (opens a new window) that can help.

Here’s some tips on how to get started:

Look through old paperwork - do you have any correspondence from your previous employers? Do you have any pension annual benefit statements?

Check for gaps - if there is a period of employment for which you have no information, do some sleuthing - the government tracking service is a great place to start. You may have a CV which is a good place to look back over your employment history.

Update your contact details with your pension providers - it’s a good habit to get into, making sure your contact details are up to date will help with future correspondence.

Also, don’t forget about your state pension. You can get a projection through the UK government website (opens a new window) - it's worth checking what you might get and having all your information to hand can help you in your retirement planning.