A shift in working cultures and confusion around retirement planning is resulting in a pension ‘black hole,’ with almost a quarter (23%) of UK adults stating they have lost track of at least one pension scheme – according to a new online poll* for Age UK. Reasons behind the UK’s missing pensions:
- Nearly half of all missing pensions (47%) are simply ‘lost in the mists of time’
- 1 in 5 (20%) people missing pensions say they have lost their pension paperwork
- 10% blame the fact that they’ve moved jobs too many times to keep track of their pensions
- Younger generations are more likely to have lost track of a pension, with 37% of those aged 18-44 already having experienced this.
Tracing a pension’
Tips from Age UK on finding a lost pension include:
- Collect as much information about your previous employer as possible including names, the type of business it ran, previous addresses and scheme dates
- Search for any paperwork that you may have received with the pension
- Type of pension – try to remember if it was a workplace or personal pension
- Call the Pension Tracing Service which can help to track down your lost pension on 0845 600 2537.
Ask us for our Pension Consolidation Fact Sheet. Whether it is an old pension you have just found, one from a previous employer, or a personal pension plan taken out a few years ago, the chances are you can reduce costs, improve performance and gain greater flexibility and control. Just email me with “pension consolidation” in the subject line.
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