The UK's first National Pension Tracing Day will be launched on 31 October 2021. This is the date on which the clocks go back, and people are being urged to use this additional hour to trace their lost pensions. Bengi Karakus at Hatch Brenner Solicitors in the heart of Norwich advises on the process of pension tracing.
Importance of Finding all your Pensions
If you have had several different jobs, you may have paid into several different workplace pensions. Keeping track of each pension pot can be difficult and you may have found that with house moves, you no longer receive pension statements meaning you have lost track of one or more pensions altogether.
The amount of money in dormant pensions in the UK is expected to reach £75bn by 2050.
To check the details of your old pensions you need to contact your pensions providers. There are various ways in which you can do this.
How to Trace your Pensions
Contacting your Employer
You can try asking your previous employer for full details of your old workplace pensions. You can contact the HR department, providing details like your employment dates, the probable dates of your pension scheme membership and your National Insurance number.
If you have worked for the public sector, you should be able to find the information about your pension on the Department for Work and Pensions (DWP) website.
The Pension Tracing Service
The Pension Tracing Service is a free government service that searches a database to find the names and contact details of your pension providers. You can search the database by the employer or by the pension provider.
You can contact the Pension Tracing Service in several ways. You can use the online database at www.gov.uk/find-pension-contact-details or phone service on 0800 731 0193.
The Pension Tracing Service will provide the contact details of the pension providers. To find out the details of how much your pension is worth, you will need to contact your pension provider directly.
Transferring Old Pensions
Once you have traced your old pensions, you can choose to combine them into a single plan. The benefits of doing this may include lower fees and easier management of your pension pot.
Next Steps – Making a Will
Now you have traced all your pensions, it is advisable to ensure your assets are safeguarded and divided in line with your wishes by writing a will.
If your pension pays out a lump sum upon death or is a defined contribution pension (that you expect to leave with funds) our Norwich solicitors can prepare your Will making provisions for your family.
Our Wills and Probate solicitors in Norfolk have extensive experience writing wills for all requirements. Most Wills are prepared on a fixed-fee basis with no hidden costs for storage. Visit our Norwich office on Theatre Street or contact us today on 01603 660811.