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Saving enough for a comfortable retirement is probably the biggest financial challenge facing workers in the UK.
But with the average person having several employers during their lifetime, it's easy to lose track of an old pension.
It's thought that over £5 billion is currently lying unclaimed in private, workplace and additional state pensions, such as SERPS. Is any of this lost pension money yours?
Fortunately, there's an easy place to start if you're looking to locate lost pensions.
The Pension Tracing Service is a free service that's run by the Government. It has details of over 200,000 pension schemes that it can search to help locate your lost pension.
Before contacting the Pension Tracing Service, it will help if you have as much information to hand as possible.
For an old work pension, gather information on:
For an old personal pension, make sure you know:
And of course, any paperwork you have will prove very helpful in tracing your lost pension, too.
Make sure your family know where you keep your pension documentation in case you die before retirement (your pension will form part of your estate)
Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.