Lost Pensions Guide

In a 2013 AGE UK survey it was revealed that 23% of adults in the UK have lost track of at least one pension scheme.

6. Lost Pension FAQs

How much money is estimated to be sitting in pensions that people have lost track of?

Over £3 billion is the latest estimate.

How do people lose pensions?

People lost track of their pensions for various reasons. Workplace pensions are often lost due to people changing jobs far more frequently than they used to. We are also moving house more often these days, which can contribute to paperwork going missing and the failure to update the pension provider of a new address.

Is it just workplace pensions that can become lost or private pensions too?

Both personal pensions and workplace pensions can be lost track of.

Can I track down a lost pension?

Yes. Please see our guides to tracking down a lost workplace pension and tracking down a lost personal pension.

How do I track down a lost pension?

The simplest way is to start looking for paperwork at home and then, if it is a workplace pension, contacting your former employer to check if they have details. You can find more detailed information on tracking down lost pensions in our guides to tracking down a lost workplace pension and tracking down a lost personal pension.

Is it easy to track down a lost pension?

First you need to make sure that you do indeed have a lost pension. Read our checking if you have lost pension funds guide and then if you think you do, read our guides to tracking down a lost workplace pension and tracking down a lost personal pension. These will give you the information about what you need to do.

If I track down a pension that I have lost track of, what are my options?

It all depends upon your personal circumstances and the scheme in question but, usually, you can choose to keep the pension where it is or you may choose to move it elsewhere, possibly combining it with other pensions you have. It is important to take advice from an independent financial advisor before making any such decision.

How do I ensure I don't lose track of my current pension(s)?

Read our guide to find out how to avoid losing a pension in the future. To put it simply, always inform your pension provider of any changes such as when you move house or get married and ensure you keep your paperwork safe.

To see what other useful guides we have that are available on the Smart Pension website, click here.

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