How to find lost pensions in the UK: a step-by-step guide

Most of us will work for many employers over a career, and each job may have come with its own pension. Add in house moves, company takeovers and schemes that change name, and it is easy to lose track. Industry estimates suggest there are millions of forgotten pension pots in the UK, worth billions of pounds in total.

The good news is that tracing a lost pension is usually free and fairly straightforward. This guide explains where to start, which free services to use, how to avoid scams, and what to think about once you have found an old pot.

Why pensions go missing

Pensions rarely vanish. They are usually still sitting in a scheme, but the scheme can no longer reach you, or you no longer know who runs it. Common reasons include:

• Changing jobs. When you leave an employer, your pension normally stays where it is as a "deferred" or "preserved" pension. Many people forget about it.
• Moving house. If the scheme does not have your new address, its statements stop reaching you.
• Mergers and takeovers. Your old employer may have been bought, renamed or closed, and the pension scheme may have been transferred to a different provider.
• Short periods of work. With auto-enrolment, even brief jobs can leave you with a small pot that is easy to overlook.
• Personal pensions. Older personal or stakeholder pensions set up decades ago may have passed between insurers as the industry consolidated.

Step 1: Gather what you know

Before contacting anyone, write down as much as you can for each job or pension you suspect you had:

• The employer's name, and any previous or later names you know of
• Your approximate dates of employment
• The employer's address or the town where you worked
• The type of business it was
• Any pension provider name you remember, or old paperwork, payslips or P60s
• Your National Insurance number

Payslips are particularly useful, as they often show pension deductions and sometimes the scheme name. Even partial information can be enough to start a search.

Step 2: Contact the old employer or provider directly

If you know who ran the scheme, contact them directly. If you know only the employer, ask their HR or payroll department who manages the pension scheme now.

When you get in touch with the scheme, give your full name, date of birth, National Insurance number and any previous addresses. Ask them to confirm:

• Whether you have benefits with them
• What type of pension it is (defined contribution, or defined benefit such as a final salary scheme)
• Its current value, or the projected income at retirement
• Any charges, and any valuable guarantees attached to it

Step 3: Use the government's free Pension Tracing Service

If you cannot work out who runs the scheme, the Pension Tracing Service can help. It is run by the Department for Work and Pensions and is free. You can find it by searching "find pension contact details" on gov.uk.

You search by employer or provider name, and the service gives you the current contact details for the relevant scheme. It is important to understand its limits: it does not tell you whether you have a pension, or how much it is worth. You still need to contact the scheme yourself to ask.

Step 4: Dig a little deeper if needed

If the trail goes cold, a few other avenues may help:

• Companies House. Searching an old employer on the Companies House register can show name changes, mergers or whether it was dissolved.
• The Pension Protection Fund (PPF). If your old employer went bust and had a defined benefit scheme, the scheme may have moved into the PPF, which pays compensation to members.
• Former colleagues. People who worked at the same company may know what happened to the pension scheme.
• Old bank statements. For personal pensions you set up yourself, direct debits can reveal the provider's name.

Pensions dashboards: what is coming

The government and the pensions industry have been building "pensions dashboards", which are intended to let you see all your pensions, including your State Pension, in one place online. Schemes are being connected in stages under a timetable set out in regulations.

At the time of writing, the date when dashboards open to the public has not been confirmed. Until then, the steps above remain the way to trace a pension. Check gov.uk or MoneyHelper for the latest position.

Do not forget your State Pension

Your State Pension is separate from workplace and personal pensions. You cannot lose it in the same way, but it is worth checking your forecast. You can do this through the "Check your State Pension forecast" service on gov.uk. It shows how much you might get, when you can claim it, and whether there are gaps in your National Insurance record that you might be able to fill.

Watch out for scams

Lost pensions attract fraudsters. Bear in mind:

• Tracing is free. You do not need to pay a company to find your pension. Be wary of firms that charge fees for this or contact you unexpectedly offering to help.
• Check you are on the real website. Fake sites sometimes imitate official tracing services. Go to gov.uk directly rather than clicking links in adverts or messages.
• Be suspicious of pressure. Offers of "free pension reviews", guaranteed high returns, or early access to your pension before age 55 are classic warning signs. Taking money out early outside the rules can trigger heavy tax charges.
• Check the firm. Any firm giving financial advice should be authorised by the Financial Conduct Authority. You can check on the FCA register via fca.org.uk.

You have found a pension. What now?

Once you have tracked down an old pot, update your contact details with the scheme straight away so it does not get lost again. Then consider whether to leave it where it is or bring it together with other pensions.

Combining pensions, often called consolidation, can make your savings easier to manage and track. It is not always the right choice, though. Before transferring, find out:

• Whether there are exit fees for leaving the old scheme.
• Whether it has valuable guarantees, such as a guaranteed annuity rate or protected tax-free cash, which could be lost on transfer.
• How the charges and investment options compare with the scheme you would move it to.
• Whether it is a defined benefit scheme. These promise a set income and are often very valuable. If the transfer value is over £30,000, you are generally legally required to take regulated financial advice before transferring.

When you’re ready to draw on your pots, our guide to your pension options at retirement explains the choices.” (https://financeaccountinghub.co.uk/articles/annuity-or-drawdown-how-to-turn-your-pension-pot-into-a-retirement-income)

Where to get free help

• MoneyHelper (moneyhelper.org.uk) offers free, impartial pensions guidance, including help with tracing.
• Pension Wise, delivered through MoneyHelper, offers free guidance appointments for people aged 50 or over with a defined contribution pension.
• If you have a complaint about how a scheme has handled your pension, you can raise it with the scheme first and then, if needed, with the Pensions Ombudsman.

Key takeaways

• Forgotten pensions are common, and tracing them is usually free.
• Start with your own records, then contact old employers or providers.
• The gov.uk Pension Tracing Service finds contact details, not values.
• Keep your address up to date with every scheme you belong to.
• Think carefully, and get advice where required, before transferring a pension.

This article is general information only and not personal financial advice. Pension and tax rules can change, so check gov.uk or speak to a regulated adviser about your circumstances.