There are lots of reasons why you could have lost track of your pensions pots or end up with multiple pots spread across various providers. Since the introduction of auto-enrolment in 2008, anyone aged 22 or over earning more than £10,000 a year is more likely to build up several small pension pots. And if you do have more than one, it’s easy to feel unsure about how to deal with them.
Reasons for losing your pension pots could be because you’ve moved house, changed jobs frequently, or simply lost track of paperwork. With 3.3 million pots considered lost, it’s important to find and locate who your pension provider(s) are as small pots can make a difference to your retirement income.
Below we created various ways you can find out more about your pensions:
- Make a list of your previous employers, this includes even short-term or part-time jobs. If you still have physical copies of your P45 or P60 these can help navigate who to contact next.
- Contact your previous employer and ask who managed the workplace pension scheme.
- Use the government’s pensions tracking service.
No matter how close, or far away, retirement may be, the initial steps as listed above can help you claim back your pension pots and save your future-self time and stress. It can also provide a clear picture of your financial future: helping you make more informed decisions about pension consolidation, investment choices for your pensions, and how you can adjust your savings strategy.