Tracking down lost or forgotten pension pots can feel overwhelming for many, especially for those approaching retirement, but experts warn that delaying the search could mean missing out on thousands of pounds. With workers now changing jobs more frequently than previous generations, many people are left with multiple workplace pensions scattered across different providers. According to experts, keeping tabs on those savings has become one of the biggest challenges facing future retirees.
Robert Cochran, a retirement specialist at Scottish Widows, says many savers are asking the same crucial questions: “What have I got? Is it enough? And what can I do next?” He explained: “If you can’t find your pension pots, you can’t answer any of these questions. Knowing what you’ve got is the fundamental pillar of planning for your own retirement and making sure that you’re on track for the retirement that you want, because that’s what everything else is built on.”
Why It Matters
Experts say failing to track down missing pensions could come at a major financial cost. “If you put money into a pension but can’t find it, you won’t get the money that you’re entitled to,” Cochran said. “I’ve met people who found £26,000 in pension pots that they never knew they had.”
How to Track Down Missing Pensions
Experts say there are several straightforward ways to locate lost pensions:
Check Your Employment History
The first step is to compile a list of previous employers to estimate how many pension pots may exist. “Look through your career history and then contact the various companies that you have worked for in the past,” Cochran advised. Human resources departments may be able to provide details of any workplace pension schemes. This can be particularly useful for people who have moved house several times or changed contact details since leaving previous jobs.
Use the Government Tracing Service
Savers can also use the Government’s Pension Tracing Service to locate pension providers. The free tool helps users find contact details for schemes linked to past employers, although it does not show the value of any pension. The service can be accessed online or by phone on 0800 731 0175 between 10am and 3pm, Monday to Friday. Users typically need only the name of a former employer or pension provider.
Cochran also warned consumers to remain cautious of unsolicited pension offers or reviews. “A number of private providers are rolling out pension tracing services as well, that are free to use,” he said. “But if somebody is offering you a pension review out of the blue, be a bit wary about any of that as it could be a scam.”
Track with Apps
Once pensions have been located, experts recommend downloading provider apps to keep information organised. “All the big companies, like The People's Pension, Standard Life and Legal & General, have an app now that lets you easily access and update your pension pots from your phone,” Cochran said. Using biometric login features can also make accessing accounts quicker and more secure.
Consolidate Your Pots
With workers expected to have multiple jobs over their lifetime, consolidating pensions can make them easier to manage. “It’s predicted that most people have around 11 jobs over a lifetime and people don’t really want to have 11 different pensions, so they might want to consider consolidating them,” Cochran said. Many providers offer in-app transfer options, with some consolidations completed in as little as 10 working days. However, he warned that defined benefit pensions, sometimes known as final salary schemes, are more complex and may be better left untouched.
Future Dashboard
Looking ahead, the upcoming Pensions Dashboards Programme aims to make pension tracking far easier. The system will allow users to view all their pensions, including the state pension, in one place online.
“The pension dashboard will have every pension company, master trust, occupational trust, defined benefits and state pensions in its database,” Cochran said. He added that most providers are already connected, with full rollout expected by October and a public launch likely next year.
“Once it comes into effect, you will just need to put in your information, use your Government one login, and it will go off and find all your pension pots for you,” he said. The dashboard is currently undergoing public testing, with around 20,000 people being recruited to trial the service before launch.
While the new system promises to streamline pension management, experts stress that taking action now could help savers avoid losing track of valuable retirement funds.
