National Pension Tracing Day approaches its third year amidst the backdrop of the UK’s escalating cost-of-living crisis as the combined worth of nearly three million unclaimed or forgotten pension funds climbs to nearly £27 billion.
A pension worth an average of £9,500 is reported to have been lost or forgotten by one in every 20 people, who, if they are 55 or older, might use the money to mitigate the effects of rising prices.
According to data conducted last year, the amount in unclaimed pots has increased by over a third since 2018, when it reached £19bn.
The cross-industry campaign group supporting National Pension Tracing Day is encouraging everyone to participate in the #GreatPensionTreasureHunt to discover any unclaimed savings.
Aegon, Legal & General, Standard Life, and Scottish Widows are the founding sponsors of the campaign, which was founded by Punter Southall. In 2022, the campaign received support from Aviva, Hargreaves Lansdown, Royal London, Smart Pension, and this year, The People’s Pension.
Punter Southall suggests starting by listing previous employers, utilising old CVs, payslips, P45s, or P60s as your reference points. The company recommends ensuring having pension statements from all former employers and updating contact details as needed. Where there are gaps, turn to the Government’s Pension Tracing Service for relevant scheme contact details.
Punter Southall also advises exploring Companies House or the Government’s Charity Register and contacting former colleagues or employers to gather information about ‘group personal pension’ providers. Once armed with the necessary contact information, Punter Southall recommends reaching out to former employer’s pension scheme and verifying identity using a National Insurance number.
Also, verify that your pension wasn’t transferred elsewhere. Request an up-to-date statement, inquire about your pension’s value, and provide your contact details for continued communication. Finally, share your findings from the Great Pension Treasure Hunt online using the hashtags #NationalPensionTracingDay and #GreatPensionTreasureHunt.
Morahan says: “The pensions industry has always spent time and effort helping people trace lost pensions but having a dedicated day in the calendar and clear guidelines, will make it simple for people to do it themselves.
“We all lead busy lives but it’s easier than ever to uncover what you may have forgotten about, which could be worth thousands of pounds. In a few clicks or a phone call, you could be better off than you think. Hard times mean making every penny a prisoner so if you’re 55 or over, this could be very welcome or even a lifeline. If you’re younger, isn’t it a good feeling to know that you have more put aside than you thought and you can build on it?”
