How to find a lost pension
We’ve all had that little ‘yes’ moment. Discovering a lost fiver in a pocket or finding some change down the back of the sofa. Now imagine if that financial surprise is a pension pot from an old job – money you didn’t realise you had, waiting to be claimed.
It’s more common than you might think. According to the Pensions Policy Institute (PPI), the value of lost pension pots in the UK has risen by 60% or £12bn since 2018. Today, that adds up to a massive estimated £31.1 billion sitting in forgotten, inactive, or unclaimed pensions.
Why pensions go missing
It’s rare to stay with one employer for our entire career. But as we move between jobs, we often build up several pension pots along the way, making it easy to lose track.
Sometimes, life also gets in the way. Details may not be updated when we change jobs or move house. As a result, important documents may end up at an old address. Others may not realise they can or should transfer their pensions, or simply forget they had one in the first place.
Fortunately, that doesn’t always mean they’re lost forever.
How to find a lost pension pot
If you think you may have a lost pension, there are a few steps you can take:
- Check your records. Look through old paperwork, payslips, or bank statements for pension contributions.
- Review your employment history. Make a list of past employers and, where possible, get in touch with their HR or pensions department.
- Use the Pension Tracing Service. This free government service searches a database of workplace and personal pension schemes and can help you locate any you may have lost.
- Contact your pension provider. If you know the name of the pension company, you can contact them directly.
- Think back to old addresses. Consider checking for post that may have gone to a previous address.
What you’ll need
To make a successful search, you’ll need a few key details such as your date of birth, National Insurance number, and the name of the employer linked to the pension.
What to do if you find an old pension
If you find a pension you weren’t expecting, the first step is to contact the provider. They can talk you through your current options and help you understand how the pot is performing.
Some providers also offer services to help you consolidate old workplace pensions, making them easier to keep track of and manage. However, always make sure you check the small print before transferring, as there may be important terms or benefits to think about, including:
- Exit fees and charges
Before transferring a pension, check whether your current provider charges an exit fee. You should also compare the charges on your existing pension with any new provider, so you’re aware of any difference in cost.
- Pension benefits and guarantees
Some pensions come with valuable benefits or guarantees you could lose if you transfer. These might include enhanced tax-free lump sums, loyalty bonuses, life cover, or early access to your pension (currently at age 55, rising to 57 from April 2028).
If you’re unsure about what to do for the best, it’s always worth speaking to a regulated financial adviser. You can find an up-to-date list via MoneyHelper.
Lost pensions are more than small change. They can form a meaningful part of your retirement income and plans. If you think you might be missing one, it’s well worth taking the time to look.
Pip Campbell, Account Manager
