Do You Have an Unclaimed Pension Fund?
Pensions are hard to keep track of. You pay into them through your working life, but sometimes it’s impossible to keep count of how much has gone in. A new website revamp by the Department for Work and Pensions (DWP) could make it easier for you to find out if you have unclaimed funds. Read on for information about the revamp and how you can trace your pension.
The Department for Work and Pensions estimates that £400 million has gone unclaimed from pension funds. But how exactly has it gone missing? Research by the AAT suggests that the average British adult goes through 6 different jobs in their life. That’s potentially 6 different pension providers. So it’s easy to see how you could lose track of what you’ve paid and who you’ve paid it to.
The Pension Tracing Service has undergone a revamp by the DWP. The service itself has been available since 2005. The recent changes aim to make it easier and quicker for users to trace their lost pension savings. The new site makes the process very simple and straightforward. All you need to start is the name of an employer or pension provider. Although along the way, the service will require some basic personal information like your national insurance number and relevant address history.
Should you take action?
According to the DWP, applications for lost savings have risen by 436 over the last decade. It’s clear that lost pension funds are becoming more of a common occurrence. If you think you might have some unclaimed funds, it’s definitely worth checking out the service.
If the pension tracker fails to locate your lost pension, you can also get help from the Money Advice Service. Their site has tips on contacting previous employers and providers – what questions to ask and what information you’ll need. It even has template letters and tips on how to use the new Pension Tracing Service.
Get in touch
Think you might have unclaimed pension funds? No problem. At UWM, we offer a range of personal finance services to cover all of your needs – big or small. To chat about any of our services, give our friendly and professional team a call on 0113 231 0202. Alternatively, complete our simple online contact form and we’ll get back to you. We look forward to hearing from you!