Screen Readers Skip to Content

Millions of Pounds Traced in Forgotten UK Pensions

Outline: People who have lost touch with pension schemes from previous employers and personal schemes urged to track down their entitlements for retirement.

Main Digest

People who have lost touch with workplace pension schemes from previous employers, as well as personal schemes, are being urged to track them down to ensure they receive all of their entitlements in retirement.

More than 350,000 people have used the free Pension Tracing Service since it was set up in 2005 by the Department for Work and Pensions.

A recent survey of customers shows that around one in five found a lost pension after using the service. This resulted in average weekly payments of £16 or an average lump sum of £1,900, with some people receiving both a weekly payment and a lump sum. Five per cent of these people received weekly payments of more than £100 and seven per cent received a lump sum in excess of £20,000.

Of those surveyed, 68 per cent cited moving on from an employer as the reason for losing track of a pension. Other reasons included moving house, employers changing name or closing down and simply losing the paperwork.

Pensions Minister Steve Webb said:

"People need to make sure they're claiming everything they're entitled to in retirement. If you think you may have had a pension in a previous job or you once paid into a personal scheme that you had forgotten about, then the Pension Tracing Service may be able to help you to recover the money you invested."

The Pension Tracing Service helps individuals to find occupational and personal pensions that they have lost track of. It uses a database containing information on more than 200,000 pension schemes. The service provides contact details of the potential scheme administrator to enable customers to make subsequent inquiries.

To find out if the Pension Tracing Service could help you visit www.direct.gov.uk/pensions or call 0845 600 2537 (textphone 0845 300 0169). Lines are open Monday to Friday, 8.00am to 6.00pm.


Similar Documents

Help Spread Disability Awareness
Connect with Us on Social Media
Reddit
Cite:
Journal: Disabled World. Language: English. Author: Department for Work and Pensions. Electronic Publication Date: 2010/10/12. Last Revised Date: 2010/10/12. Reference Title: "Millions of Pounds Traced in Forgotten UK Pensions", Source: Millions of Pounds Traced in Forgotten UK Pensions. Abstract: People who have lost touch with pension schemes from previous employers and personal schemes urged to track down their entitlements for retirement. Retrieved 2019-11-12, from https://www.disabled-world.com/disability/social-security/uk/lost-pensions.php - Reference Category Number: DW#127-5810.
Important Disclaimer:
Information provided on disabled-world.com is for general informational purpose only, it is not offered as and does not constitute medical advice. In no way are any of the materials presented meant to be a substitute for professional medical care or attention by a qualified practitioner, nor should they be construed as such. Any 3rd party offering or advertising on disabled-world.com does not constitute endorsement by Disabled World. Please report outdated or inaccurate information to us.