You’re not alone if the thought of a forgotten pension pot makes your heart skip. People move jobs, countries and addresses, and paperwork gets lost and buried. It is estimated that there are billions in unclaimed pension funds. The good news is that in most cases lost pensions are often recoverable. It just takes some time and effort, but the results can be worthwhile.
Step 1: Get prepared
Before you start the search, you need to get prepared and organised. You’ll need:
- Your PPSN
- Past employer names
- The dates you worked there
- Any pension scheme paperwork (statements, policy numbers, letters)
- Old pay slips that mention pension deductions
Step 2: Do your research
Start your search by going through your own paperwork, both on and offline.
- Go through old emails for pension statements or insurance company correspondence
- Check bank statements for payments to or from pension providers
- Look in storage boxes, filing cabinets, or attic files for old letters from insurers or trustees
Step 3: Get in contact
Now you need to contact Old Employers or Pension Scheme Trustees
If you know the employer or scheme:
- Reach out to your old employer’s HR department or payroll office
- Ask for the pension scheme provider and their contact details
- Request your scheme membership number and the current value of your benefits
If your old employer is no longer in business, you may need to track down who took over the pension scheme (see below).
Step 4: Trace your employer
It may be a case that the employer has closed or merged with another company. If so, then
- Search the Companies Registration Office (CRO) to find out if the company merged or was taken over
- Contact the scheme trustees or the insurance company that may have taken over management of the pension
- If the scheme was wound up, the funds may have been transferred into a buy-out bond in your name with an insurer
Step 5: Check the register
If you still have gaps, then check with The Pensions Authority. While they don’t hold details of individual entitlements, they have a register of pension schemes which may help you identify the administrator.
Step 6: Contact the providers
Once you’ve found the provider for each pension get in touch. They will ask you to provide your PPS number and employment details as well as confirming your identity. You can then ask for a statement of benefits and options available to you.
Remember a lost pension isn’t really lost, it’s just waiting to be claimed. Tracking down and actively managing all your pension entitlements could make a meaningful boost to your retirement fund. Take time and a systematic approach and your effort may be well rewarded. And don’t make the same mistake again. Once you’ve tracked everything down, keep the providers up to date on your circumstances and ensure you retain all your annual statements.
If you’d like to see how your pension can work harder for you just get in touch with our financial services team.
