What could finding a lost pension pot mean for you?

Sep 26, 2023 | Pensions

When the legendary Warren Buffett speaks about money, he says “Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No. 1.” The same rules should be applied to your pensions.

It’s national pension tracing day on 29th October and It is estimated that there is around 2.8 million lost pension pots with a value of £26.6 billion in 2022. (source PPI briefing note 134)

The UK government provides an official pension tracing service to assist people in locating their pensions.

You can find contact details for:

  • your own workplace or personal pension scheme.
  • someone else’s scheme if you have their permission.

Here’s how you can use the UK pension tracing service:

  1. Visit the Official Website: Go to the UK government’s Pension Tracing Service website at

https://www.gov.uk/find-pension-contact-details.

  1. Start the Tracing Process: On the website, you’ll find a search tool where you can enter the name of your former employer or pension scheme provider. If you’re unsure of the name, you can provide any additional details you may have.
  2. Submit the Information: After entering the relevant information, submit your request.
  3. Receive Contact Details: The service will provide you with contact details for the pension scheme or employer you are trying to trace. This will include the name of the scheme or employer, contact information, and any reference numbers you may need.
  4. Contact the Pension Provider: Use the provided contact information to get in touch with the pension scheme or employer. Inform them of your request and inquire about the status of your pension account, its value, and how to access your funds.
  5. Keep Records: Make sure to keep records of all communications and any information you receive regarding your pension. This will help you keep track of your progress.

You can also request contact details from the Pension Tracing Service by phone or by post.

Pension Tracing Service

Telephone: 0800 731 0193
From outside the UK: +44 (0)191 215 4491
Textphone: 0800 731 0176
Relay UK (if you cannot hear or speak on the phone): 18001 then 0800 731 0193
British Sign Language (BSL) video relay service if you’re on a computer – find out how to use the service on mobile or tablet
Monday to Friday, 10am to 3pm
Find out about call charges

The Pension Service
Post Handling Site A
Wolverhampton
WV98 1AF
United Kingdom

It’s important to note that the Pension Tracing Service provided by the UK government is a free service. However, if you decide to transfer or access your pension funds, there may be charges associated with those actions, depending on the specific pension scheme or provider.

Additionally, if you have multiple pensions and want to consolidate them or seek financial advice on your retirement planning, you should consider consulting a financial advisor at GoddardFry Wealth Management who can help you make informed decisions about your pension savings.

It’s crucial to keep your pension information up to date whenever you change jobs or move, as this will make it easier to track your pensions in the future.

Remember, Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No. 1.

Written by Nick Roberts