2 ways of finding your old pensions that could be worth thousands

An estimated £3 billion of pension savers’ money is sitting in lost and forgotten pots.

Losing track of a pension is easily done - some people may accidently leave company pensions behind when starting a new job or lose paperwork when moving house. Many people may think that their pension isn’t valuable or worth the hassle of tracking down, however around one million pensions remain unclaimed and are worth an average of £3,000.

Wouldn’t you like to know if you had a lost pension worth thousands?

Finding your pension savings could mean:

  • Boosting your retirement income
  • Making home improvements
  • Purchasing a newer car
  • Tackling debt
  • Helping family

However, if you let your pension go unclaimed your provider may get to keep the lot!

How to trace your lost pension

One way to track down your missing pension is to contact the Pension Tracing Service, you’ll have to fill out an online form that will take around 15 minutes to complete and then await a response.  

Alternatively, we can do all of the leg work for you. If you know you have one or more pensions that you have lost track of, or if you want to check whether there are any unclaimed pensions that belong to you, you can call us on 0800 304 7600.

As professional, regulated advisers we’ll do our best to trace your missing pension for you and it won’t cost you a penny.

You could benefit from a pension transfer

Forgotten pensions are likely to be held in low performing funds with high charges that could actually be losing value, and it is unlikely that your provider will try to trace you as your pension is earning them money. High fees and low growth can wipe thousands off the value of your pension, but a pension transfer to a new provider could significantly improve the performance of your fund.

For example, over the course of 20 years your pension could grow by an extra £25,000 just by transferring to a different provider that charges 1% less in annual fees*. Such a large difference in growth can have a big impact on your retirement income.

If a pension transfer is suitable for your circumstances it could improve your pension by:

  • Increasing growth

  • Reducing fees

  • Enhancing overall pension performance

  • Increasing the amount of retirement income you will have

  • Combining multiple pensions and allowing you to manage your retirement provisions more efficiently

A pension transfer is not only suitable for lost and found pensions, it can also be very beneficial for funds that could be performing better elsewhere.

It will cost you nothing to find out if you have any missing pensions to reclaim. If you would like us to trace your lost pension give us a call on 0800 304 7600.

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Call 0800 304 7288 for a friendly chat about your pension

Important information

*Based on a £50,000 sum at onset, growing at 6% per year before charges of 0.5% and 1.5% are applied.

The details provided in this article are for general information only and are in no way deemed to be financial advice. All of the material is correct as of the publication date, but could be out-of-date by the time you read the article. For our latest information and news, please see our articles section: https://www.portafina.co.uk/whats-new

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