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Have you got a fortune in a forgotten pension?

Have you got a fortune in a forgotten pension?

Category: Pensions

Updated: 21/10/2010
First Published: 21/10/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

People who think they might have forgotten workplace pension schemes from previous jobs have been urged to track them down to ensure they receive all of their entitlements in retirement.

Other personal pensions not attached to employment might also have gotten lost through the mists of time, but a service is available that can help people trace their long lost schemes.

Around 350,000 people have used the Pension Tracing Service since it was set up five years ago by the Department for Work and Pensions, with a recent survey of customers revealing that around one in five had found a lost pension after having used the free service.

Absent minded savers who have since been reunited with their pension have benefitted to the tune of an average of £16 per week or an average lump sum of £1,900. Some people have received both a weekly payment and a lump sum, while 5% have enjoyed weekly payments of more than £100 and 7% received a lump sum in excess of £20,000.

Almost three quarters of those questioned said that moving jobs was the reason for losing track of a pension. However, other reasons included moving house, employers changing their name or closing down, and the age old problem of simply losing the paperwork.

"People need to make sure they're claiming everything they're entitled to in retirement," said Pensions Minister Steve Webb.

"If you think you may have had a pension in a previous job or you once paid into a personal scheme that you had forgotten about, then the Pension Tracing Service may be able to help you to recover the money you invested."

To find out if the Pension Tracing Service could help you visit http://www.direct.gov.uk/pensions or call 0845 600 2537.

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
 
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