UK Pension Tracing Service set to expand

Following a massive rise in requests, the Pension Tracing Service offered by the UK government is set to triple its employees to meet demand.

It follows a record year as twice as many people tried to find a lost pension in 2014 than in 2010, and the number is set to continue to rise as the pension freedom date moves ever closer.

According to reports on the BBC website, the National Association of Pension Funds estimates that there could be as many as 50m dormant (or lost) pension pots by 2050.

Pensions can get “lost” as people move homes and pension companies are bought out or merged – resulting in the misplacement of paperwork.

It is a common problem for expats who may have paid into a pension through their company, but didn’t realise before moving abroad and any information pertaining to the pension was sent to the wrong address.

Experts believe that the increase in requests for finding lost pensions has been triggered by the pension reforms announced last year which will enable people to take lump sums from their pensions – suddenly making smaller pension pots quite attractive to savers.

The Pension Tracing Service was set up to assist people who believe that may have paid into a pension, but have lost their details, or have stopped receiving paperwork. To discover if you’ve lost a pension, information which is useful to locating it will include your employment history, any letters or statements from your pension firm and your National Insurance Code.

If you are unsure about how to use the service, independent advisers from our network can assist you if you need any help.