You are here: Home -

Government launches new pension tracing site

Written by: Paloma Kubiak
The government has launched a website to help people track down their lost pension savings as figures reveal an estimated £400m is waiting to be claimed.

The new website, part of the Pension Tracing Service, enables you to enter your former employer’s details to receive details of pension schemes you may have paid into.

The site lists more than 320,000 pension scheme administrators. One woman who tested the site found she had a £10,000 pension pot with Aviva, her employer from around 30 years ago.

If you think you’re missing out on savings, you can use the free service here.

Minister for Pensions, Baroness Ros Altmann said: “People have had on average 11 jobs during their working life which can mean they have as many work place pensions to keep track of.

“The new DWP online Pension Tracing Service helps reunite people with their lost pensions, giving details of providers to help people track them down.”

Consolidate your pensions

Tom McPhail, head of retirement policy at Hargreaves Lansdown, said the move was a welcome development but added that the most effective way to avoid losing track of old pensions is to consolidate them “as far as possible into one arrangement”.

“This can be done by selecting one pension you prefer to work with and transferring old pensions into it,” he said.

“The government and pensions industry is also working on the Pension Dashboard, which will help investors view all their pension pots in one place.

“We would like to see the government go further and to modify the terms of auto-enrolment to allow employees to select the pension into which their employer pays their pension contributions.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Budget 2021: New ‘green’ NS&I savings account

The government is launching a new green savings bond via National Savings and Investments (NS&I).
Budget 2021: New ‘green’ NS&I savings account

How to claim the fourth self-employed grant

HMRC has emailed thousands of freelancers to explain how the fourth Self-Employment Income Support Scheme (SEI...
How to claim the fourth self-employed grant

M&S Bank to close down all current accounts

M&S Bank is ditching current accounts and shutting 29 in-store bank branches in order to focus on credit c...
M&S Bank to close down all current accounts

Ryanair jetting towards US flights for £10

Ryanair is on course to achieve its long-held ambition of offering transatlantic flights to the US – and the...

Investing in car parks: a good vehicle for income seekers?

As the search for income continues, many investors are turning to alternatives, with car parks becoming increa...

A quick guide to guarantor loans – in association with Guarantor Loan Comparison

Considering a guarantor loan or becoming a guarantor yourself? Read our essential guide...

Results round-up: Companies to watch this week

Mulberry and more will face the music this week.

Product launches of the week

Select Property Group, Schroders, Leeds Building Society and more have exciting news this week.

Money Tips of the Week

Read previous post:
income funds
Three top-performing UK income funds you may not have heard of

Smaller funds from lesser-known firms can find it harder to get on the radar of individual investors but many of...