How to find old pensions

The average person changes jobs 11 times, which means you could end up with as many as 11 different pensions. Keeping track of them all can be tricky – especially after job changes, moving house, or changing your name.

Consolidating your pensions can make things simpler and help you stay in control.

To properly plan and prepare your retirement income, you need to know exactly how much money you've put away in your pension. If you’ve lost track of a pension, old providers may not know how to pay what’s yours. This guide will walk you through the steps to find your old pensions and ensure you keep track of them moving forward.

Why is it important to trace lost pensions?

Every penny counts when it comes to saving for retirement. You might have one or two larger pots that you consider to be your ‘main’ pension, but it’s important not to overlook the value of smaller pensions.

You may have contributed to a scheme for just a year or two at the start of your career, but over time, even the smallest pension could grow in value thanks to compounding investment returns.

The Association of British Insurers (ABI) estimates there's £19 billion across 1.6 million unclaimed pensions. That works out at an average of £13,000 for each lost pension pot. This makes knowing how to trace lost pensions even more important.

How to find lost pensions

Thankfully, it might not be as hard as you expect to find or trace a lost pension. Start by making a list of all your previous employers to get an idea of how many pensions you might have. If you’re missing a few, here are four ways to help you trace lost pensions:

1. Try the government’s Pension Tracing Service

The UK government’s Pension Tracing Service lets you search a database of 320,000 schemes. It's a free service that helps you find lost pensions and gives you the contact details for your old providers.

Results are immediate. All you need to do is enter the details of your former employers and/or old pension providers. Once you have the relevant contact details for the scheme’s administrator, you can contact them to reclaim your lost pension.

Access the Pension Tracing Service here.

2. Contact the pensions provider

Once you’ve found an old pension, the first step is to contact the provider directly. You may need to provide:

• An updated address
• Policy number
• Date of birth
• National insurance number
• The date the policy started
• The name of your employer

You can also use the opportunity to request an up-to-date statement for the pension you have lost.

Confusingly, the provider that initially ran your pension may no longer be responsible for it – usually because the provider or scheme was bought by or merged into another company. This helpful list on the ABI website can help you work out which company is now running your pension.

3. Contact your former employers

Your former employer should be able to help you find lost workplace pensions. Be sure to ask them what type of scheme they offered.

There are two types: defined benefit, which guarantees a set income in retirement, usually based on your salary and years of service with your employer, and defined contribution, where a pension reflects the amount of contributions and investment performance.

They may also share the provider's contact details. Additional information may be needed to confirm your identity, so have your National Insurance number to hand.

4. Talk to former colleagues

If you’re still in touch with any former colleagues, it might be worth asking them if they have any information that may be useful in finding your lost pension.

What can I do once I’ve tracked down a lost pension?

Make sure your pension provider has your most up-to-date contact details. Once everything is set up, reach out and get as much information as you can – particularly on how much they’re charging you.

Your options are:

• Leave old pensions where they are – this may suit someone with already low charges and strong investment performance.
• Transfer them into your workplace pension to simplify management and potentially access better performance options.
• Consolidate them into a personal pension (if you are comfortable managing your pension yourself) – this offers more flexibility, as you gain a hands-on approach to managing your pension.

Charges on older pensions can be expensive. Pension consolidation may also help cut down your overall costs substantially. Before transferring a pension, check if you’ll be charged any exit fees and make sure you don't lose any valuable benefits, such as guaranteed annuity rates, lower protected pension age, or matching employer contributions.

Deciding what to do with an old pension involves more than just considering the pot size and how close you are to retirement. It’s important to look at charges, investment performance, and any valuable benefits you might lose by transferring. Taking the time to compare your options – and seeking professional advice if you’re unsure – can help you make a more informed choice and ultimately protect the value of your retirement income.