The idea of a ‘job for life’ is one for the past. Whilst some people may find their ideal role and stay with one company for many years, most people will tend to have a number of employers over their working lives.
Historically, many companies offered a pension scheme which means that when moving from one company to another, one pension scheme will often be left behind at the same time as a new one being started. Whilst it is possible to move pensions from one provider to another, this does not tend to happen unless the individual seeks financial advice. The result is that many people approaching retirement (and possibly beforehand) have accumulated a number of different pensions with a number of different providers, which they don’t know what to do with.
We continually help clients to better understand their legacy pension position. The bigger problem comes when people lose track of their previous pensions or possibly are not even sure whether they had a pension from a particular employment. The Department of Work & Pensions (DWP) currently estimates that there is £400million in unclaimed pension savings.
The good news is that the DWP has launched a new website supported by the Pension Tracing Service, making it easier for people to track down their lost savings.
Anyone who thinks they may have pension savings that they have lost track of, can now use the free online service at:
To start the process, all you need is the name of your employer or the pension provider to input on to the website. If the website holds the details, it will not be able to confirm if you have a benefit within the scheme or what the value is, but it will point you in the direction of the administrators to find out more information.