Millions Have Lost Track of Pensions

Research from Aegon, after a survey of just under 1,000 people, has found that 1 in 5 people have lost track of where some of their pension savings are.

Many people move jobs and have therefore built up a legacy of a number of different pensions from many employers.  Over time, we move jobs, we move home and pension companies change names, are taken over or are even wound up and closed down and then transferred without your knowledge to another scheme, so you have little chance of tracking it down.

Aegon’s research suggest that two thirds of us have more than one pension and that 22%, on if five, have lost track of at least one pension.  Corroborating the 22% of 1,000 people, the population, Aegon suggests that up to 7 million pensions could be ‘lost’.

Our tips:

1. Keep all paperwork
2. Always redirect all your post when you move for at least a year
3. Always right to all pensions, investments and finance companies when you move with a change of address notification
4. Use the Pension Tracing Service to find your lost pension  (link to)  https://www.gov.uk/find-pension-contact-details
5. For some personal pensions this may be more difficult, dig out the paperwork, talk to a financial adviser, search old bank statements for payments, write to all personal pension providers.
6. Watch our old video on Finding a Lost Pension