UK Pensions

Forgotten or Lost Pensions

At a time when many people are facing retirement with insufficient provision it is estimated that over £3 billion of personal pensions or occupational pension funds remain unclaimed, and the Unclaimed Assets Register estimate this figure to be as high as £20 billion.

Were you one of the millions of people who 'contracted out of SERPS', the state second pension or state earnings related pension scheme and have since lost track of who is holding those valuable national insurance contributions which you may not be able to claim when you retire?

Or maybe you are one of the millions who have cited for swapping jobs over a number of years as the reason for losing track of pensions. On average, one in five people will have changed jobs five times by the time they reach 34. One in three people also have multiple pension policies and losing track of these policies does happen. A huge number of people do not bother searching for old pensions as they do not actually think it is worth the effort.

Insurance and pension companies will initially try to reconnect individuals with their pensions. However there may be reasons why this task can prove fruitless. It could be that investors have moved home and jobs a number of times throughout their lives. A change in name due to marriage and divorce is another factor that can make investors harder to find.

Tracing old pensions can prove very lucrative for some people. Reports of lost pensions providing sums of £20,000 plus are not uncommon.

If you think that you have a lost pension, there are a number of details that will be required to help pension trackers complete a search. Required details will include a combination of National Insurance numbers, previous addresses and previous employment details. The more information the claimant has the more thorough the search should be. Searches should take a couple of days at most.

Pension trackers can also look for the pensions of a deceased partner or a deceased relative. This is another common reason why pensions are lost. Partners or relatives may have taken out pensions but not informed partners. Details can be used such as National Insurance number and employment details to find occupational and personal pension plans.

Moving house and changing employers are the main reasons people need to trace their lost or 'frozen' pensions but it could be that a previous employer or pension provider has changed their name, address, been taken over or even gone bust!

The good news is that there is a database of over 200,000 pension schemes and an easy search facility to see if you 'contracted out' of SERPS which can be accessed to help you locate your pension funds and then decide what to do next.

Holborn Assets can help you to track your pension and ensure that it is then invested, transferred or added to your existing pension fund. Contact a qualified Holborn Assets adviser today and ensure you claim the pension you are entitled to.