Trace Lost Pensions and Request Pension Forecasts

lost pension

When planning for retirement, you may enter into a number of pension plans. The common plans are the workplace pensions and the State Pension. In addition, you might have more personal plans which you may have undertook to supplement the already existing ones. With all these plans, you need to establish how much each and every one of them is contributing to your total retirement income. For some reason, though, you might have lost track of some of these plans over time. If this is the case for you, it need not be a cause for worry.

lost pension - Don't worry

You can track your lost pensions in the various ways highlighted below.

Using Statements

Every pension scheme at one point or another must issue a statement of your account. This statement provides a brief overview of your funds, their inflow, and outflow and how they are being utilized. It gives you a glimpse of how much retirement income your pension pot might generate when you finally reach retirement. This statement is your best bet to trace and track down a lost pension. Hence, look for them.

If you’re unable to trace your statements may due to misplacement or some other reason, all hope is not lost. You can contact three people who may be of great assistance, namely: your former employer, your pension provider, and lastly the Pension Tracing Service.

Let’s consider how each of these three people can be able to assist in tracking a lost pension.

The Pension Tracing Service

The Pension Tracing Service has a database of over 200, 000 pension schemes. This number includes personal and workplace pension schemes. They offer a free service to all. They provide a convenient service which can be requested via phone or online through an online request form.

Personal Pension Provider

If you can remember the entity that acted as your personal pension provider, you should contact them by all means. They can be of great assistance in tracking that lost pension. Provide the following details to the best of your knowledge:

  • Date of birth
  • National Insurance Number
  • Date of Pension commencement
  • Plan number

Your Employer

If your pension scheme was managed by your employer, then you should turn to him/her. He/she has to be able to give you the details of your pension. The key questions that you should ask are the type of plan (defined contribution or defined benefit) and the pension provider that handled your pension. You should provide details concerning the dates you started work and left work with the employer, and also the date that you joined the pension scheme as well as when you left it. Also provide your national insurance number.

With regard to pension forecasts, especially with the State Pension, you can have a rough estimate through the State Pension statement. It will give you an estimate of the cumulative state pension you will get and how any increase will come about. The National Insurance contributions have a direct bearing on these amounts.

Share This: