7 May 2013

Now, where did I put that pension?

Almost one in four people have lost track of a pension plan, according to Age UK. The trouble is that when you change jobs you might be provided with a new pension plan so the old one goes on ice. And when you move house you don't necessarily think to tell all those old pension companies.

There is a government-backed tracing service for pensions which is certainly worth using if you think that applies to you: Pension Tracing Service - beware of commercial imitations which will end up charging you.

But there's an opportunity to improve the system with the new Auto-Enrolment regime. Since every employment will have to provide a pension, it should be possible to transfer your pensions assets from one employer's scheme to another's. Something of the sort is slated for the forthcoming Pensions Bill, but in the meantime, the Tracing Service is your best bet.

Once you've made contact with that pension again, you might consider consolidating it with others to make it easier for yourself in the future (and perhaps to get rid of a pension with high charges, limited investment options, ... but beware of losing the extra benefits of some older plans). Contact us if you would like some help with that.

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