Millions of people are owed pensions from former employers, but locating them can be a daunting task. There are many reasons why you may have lost track of your pension, such as changing jobs frequently or maybe moving abroad. No matter how old your pension is, there are steps that can be taken to get it back. There are a couple of things you need to consider. Let’s take a look at some of the ways to get your pension back.
Figure Out Who Your Pension Provider Is
This may seem like common sense, but you could be looking in the wrong place. If you don’t know who your pension provider is, look at old payslips or pension fund letters to find out. Do not assume that because companies have merged together during your time working for them that they still hold your pensions; it’s very possible they don’t. Look through old records to figure out who you have pension funds with or use a pension tracing service for assistance.
Find Out if You’re Owed a Pension
If you’ve worked for multiple employers, it is possible that some of those companies may not have paid into your pension fund as they should have. If this is the case, then there are steps to take as you could be owed money from each company that didn’t pay in for you. This is very likely if you’ve worked for more than one company in the same industry. This way, you should be able to consolidate all the different pensions and get back what you’re owed.
Make Sure You’re Eligible For The Pension
As mentioned before, the government’s Pension Tracing Service does not help if you are not eligible for the pension you are trying to find. So keep this in mind when deciding which tracing service to use. To find out if you are eligible for a pension, use the government’s eligibility checker. You should also carefully check the Pension Tracing Service’s eligibility criteria to make sure you’re eligible for any help they can offer.
Get Help From The Government
If you’ve reached the point where you think there’s no chance of finding your pension, don’t panic as help is at hand. If you need help with finding an old pension the government has some good options. The government has a scheme called ‘The Pension Tracing Service’ where they will try to find lost pensions for those who don’t know how or can’t do it themselves. They have a database of around 30 million pensions so they are quite good at it. One important thing to note is that you must be eligible for the pension to use this service. Your pension must also have been earned before you reached state pension age.
Be Informed About Unclaimed Assets
Having your pension missing is not the only thing to worry about when it comes to lost money, there are also unclaimed assets. Over 20 billion pounds of unclaimed assets have been found in the past few years, some belonging to people who have passed away. So not only can you stop your children from getting a surprise windfall, but you could also find something you didn’t know was there.
Unclaimed assets can include a wide variety of things such as savings accounts, investments, and pensions. There are a number of companies who specialize in finding these kinds of assets for you – you just have to remember that most of these services are not free.
Use A Pension Tracing Service
A great way to find your lost or old pensions is by using a pension tracing service. These services can be hired for around £25, which is very reasonable considering the amount of time and work they save you. A pension tracing service will contact all previous companies you’ve worked for and request the information on your pension. One thing to remember is that it can take up to 3 months for all companies involved to provide this kind of information. This means they will do most of their work within this time frame, so it’s important not to hire a tracing service too late in the process.
All you need is the name of your former employer and the date that you were working for them. You may even be able to get more information from these companies, such as which years you paid into a pension fund – very helpful indeed! Some tracing services include The Pension Tracing Service mentioned above, as well as The Pensions Advisory Service and Unclaimed Pension Direct. By using these three companies in conjunction, you will have a very good chance of finding your pension.
Pay Attention To Changes In Your Situation
One of the main reasons your pension might be lost is due to a change in your personal situation. If you have changed jobs or moved house then it’s a good idea to look for any changes made in these circumstances. You may have transferred your pension to a new provider, so double-check any documentation you have.
As with anything, it’s always best to stay informed about your finances. Look for online services that take the hassle out of looking for lost pensions and also allow users to compare their options by comparing various accounts. Using a service like this can be a great way to avoid losing out on future pension money.
In conclusion, getting lost pensions is quite easy when you know where to look and what to do. The key is staying informed with your situation and knowing how to find missing assets. In the case of old pensions, you may need help from the government or a pension tracing service. Always remember to look at old payslips for information, follow what’s happening in your life, and stay aware of the different services available for locating lost pensions. Thoroughly follow all three steps and you should have a much better chance of finding your pensions. While it might seem complicated at first, this guide should help you get your pension back. If you’re not sure where to start always contact a professional. We hope this article was helpful!
