How to track down your old pensions

How do I find my old pensions?

Between new jobs, frequent house moves and lost paperwork, it can be difficult to keep on top of our pension schemes. You can find details on your old pensions in three ways:

• Contact the pension provider
• Contact your former employer, if it was a Workplace pension
• Use a pension tracing service

Workplace pensions can often be with a different provider for each job you hold, meaning you could build up several pots over your working life. If you’re struggling to contact a previous employer, perhaps if the company is no longer trading, or trading under a new name, you may wish to use the government’s free Pension Tracing Service.

What next?

You could consider pension consolidation. This means combining some or all of your eligible pension pots into one. Combining your pension savings can provide a better way to plan your retirement finances.

Having your pension savings in one pot is likely to make it easier to manage and can also save you money, as each provider has its own annual management fee. By moving your pension into one with the smallest management fee, you could be saving money each year. However always get advice, and ensure you shop around before making any decisions. If you’re not sure where to find an adviser, try the Unbiased website.

Should I consolidate my pensions?

Combining pensions into one pot isn’t right for everyone. You may lose valuable benefits by consolidating, or there may be an exit charge for moving your money. However, you might choose to consolidate to simplify the paperwork and make funds easier to manage, or potentially reduce fees and charges.

It’s really important to have a good understanding of all your pension savings, and consolidation can help give you a clearer view of how your pension pot is doing and to reduce the paperwork, as well as visibility of any charges you may be paying.

Many people are unaware of the charges they’re incurring on their pensions or how combining your pension can help you keep track when you do decide to draw your pension income. You can learn more about that in our article on pension fees and charges.

How does this help with my retirement planning?

Planning for your financial future is really important. Understanding how much your total pension savings are worth can help you make better decisions about when you would like to retire, and plan for the retirement you want.

If you’d like to understand more about planning for retirement you may be interested in our free course with the Open University which can help you with retirement planning.

For free impartial guidance on how to trace and consolidate your pension, visit the Pension Wise from MoneyHelper website.