Although many of us have been in the same job for a longer period, the average worker holds between 10 and 15 jobs in their lifetime. If you have held onto each of these jobs for a significant time, you will more than likely have a significant pension pot provided you were enrolled into a scheme. Many of us lose track of some of these pensions along the way, and later in life wonder what happened to these lost pension pots.
If you do have some information on your previous employers, or even on the pension provider itself, you may be able to track your pension down.
Track Down Old Workplace
If you are trying to find a pension with an old workplace you are going to need to find as much information as possible. You should consider the facts that the employer may be trading under a different name or could have changed address at some point. Once you have as many details as possible you can use the government’s free tool, with the Pension Tracing Service, to find out if you can trace any older employers.
With this information, you can trace employers and find out if they have details of any pension pots from the past. Get in touch with us to find out what you should do with any pots you find in the future.
Track Down Personal Pension Provider
If you have started a personal pension plan and forgotten about it, there may be ways to find out if you have something of value waiting on you in a pot. If you would like some help tracing your pension, you will need to gather as many details as possible and with the Scottish Pension Guide we can track down your old pension provider and therefore pension pot.
Are You Sure Your Pension Is Lost?
One thing to consider before putting in hours of hard work is to think about whether your pension really is lost. Often, individuals can receive refunds of their pension contributions once they leave the company. This can be to do with years of service or to do with the time period during which you held that position.
There are some rules to look at to determine whether you may have a missing pension pot with an unknown provider:
- If you left the job before the April of 1975, it is more than likely that you will have received a refund of your pension contributions at the end of your employment with that company.
- If you left this employer between the April of 1975 and the April of 1988, you may have a pension pot waiting for you. This is provided you were over the age of 26 at the time of leaving the employer, and you had also completed 5 years of service.
- If rather, you left the employer after the year 1988 then provided you had completed 2 years of service, you will be entitled to a pension. If you completed less than 2 years then you will more than likely have received a refund.
Reduce Risk Of Losing Track Of Your Pensions
If you would like to keep track of your pensions then the best thing to do is keep your paperwork in order. Make sure you tell your employer and pension provider if you have any change of address.
For more impartial pensions advice from the team at the Scottish Pension Guide, check out some of the Latest News in pensions. If you would like to find out how to make your pension work best for you, talk to one of our pension advisors UK through our Retirement Planner Tool.