How to track down your old pensions (and what to do with them)

In previous generations, many will have stayed in the same role for several years. Now, job-hopping has become the norm.

According to research published in Workplace Journal, 27% of employees in the UK planned to change jobs in the latter half of 2024. This figure has steadily increased since 2021 and demonstrates a changing attitude in the workforce.

Whether for a change in direction, seeking improved work-life balance, or making a move for career progression, changing jobs often means moving to a new workplace pension. Over time, old pension pots can be easily forgotten.

Indeed, as of October 2024, the Pensions and Lifetime Savings Association (PLSA) estimates that there is £31.1 billion lying dormant in unclaimed pension savings.

So, there could be a good chance that you’ve left a pension behind – and the average value of these lost pots is nearly £10,000.

Keep reading to learn how to uncover your lost pensions, as well as some options to consider once you find them.

1. Look through your old financial paperwork

If you think you could have lost or forgotten about a pension, it may be best to start by looking through your stack of old financial paperwork that is likely gathering dust in a drawer.

Where possible, dig out old employment contracts, payslips, or any letters you might have received from previous employers or pension providers.

Even a single statement from years ago can contain key information such as a scheme name, account number, or the name of an administrator.

If you don’t have any paperwork, you can still find vital information by using online resources, which we’ll come to next.

1. Use the Government’s Pension Tracing Service

If you’re unable to find any details of an old pension pot on your own, the Government’s free Pension Tracing Service could be a helpful tool.

This service has a database of over 300,000 pension schemes, and it’s designed to help you find contact details for pension providers or administrators.

To perform a search for a workplace pension, you’ll need to provide details about your past employer, such as:

• Their trading name
• The type of business it is
• The years you were employed there.

For personal pensions, you’ll need to provide the name of the pension provider and perhaps other key details such as your address at the time you opened the pension.

It’s important to note that the Pension Tracing Service won’t provide information confirming whether you have a pension with that provider, nor how much it’s worth.

It can simply provide you with the contact information for the relevant company. Once you have this, you can reach out to the pension administrator and ask them to confirm if you have a pension with them and provide you with a statement.

1. Contact your old employer

If you’re able to contact your old employer with regards to a lost workplace pension, then they should have records of the pension scheme they offered and the provider they used, even if this has changed since you left the business.

Once you have the name of the pension provider, you can contact them directly. When you get in touch, be sure to have as much information to hand as possible.

Your National Insurance number, date of birth, and any previously known details (such as the year the pot was set up) could help them locate your pension.

Provide them with your current contact details as well, to ensure you don’t miss out on future correspondence.

Four ideas for how to manage your recently uncovered pensions

If you have been successful in tracking down your lost pension pots, then you have a few options available to you. Ultimately, however, the right choice for you will depend on your personal circumstances and financial goals.

For instance, if you are still working, how you manage your pensions will be different to that of someone who is retired. A Financial Planner can provide a full illustration of the appropriate options.

Option one: Leave your pensions where they are

If you’re happy with the performance of the fund, the charges are low, and you’re comfortable managing multiple pension pots, then you can simply choose to leave the pot as it is.

Option two: Consolidate your pensions

Consolidating your pensions into one pot could simplify your retirement plan, making it easier to see how much you have saved and how your investments are performing.

Doing so could also lead to lower overall management fees and provide you with more control over how you invest your money.

However, it can be valuable to ensure you’re not losing any valuable benefits or guarantees attached to your old pensions by doing so. This is especially valid for older, “final salary” schemes, which often have a guaranteed income promise that can be difficult to replace or replicate.

Option three: Withdraw the funds

If you are aged 55 or over (as of the 2025/26 tax year), you could withdraw the money you have uncovered in a lost pension.

Be aware that your withdrawal could incur Income Tax, so it’s worth checking in with a Financial Planner before taking funds out of a pension.

Option four: Seek professional advice

Before making any decisions about your pensions, consider speaking to a professional. Here, a Financial Planner can help you understand the pros and cons of consolidating, check for any hidden benefits or fees, and provide tailored advice based on your individual circumstances.

Remember, finding your old pensions could be the first step towards taking control of your retirement savings. By taking the time to track them down and understand your options, you can build a stronger financial foundation for your retirement, whether you’re still working or are already part-way through this chapter.

Whether you’re an existing client or new here at PenLife, we’re here to help you plan the retirement you deserve.

Email us at enquiries@pen-life.co.uk, or call 01904 661140 to find out more about what we can do for you.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

All information is correct at the time of writing and is subject to change in the future.

Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.

Workplace pensions are regulated by The Pension Regulator.