News updates

Sunday 26 October is National Pension Tracing Day. On this day, pension providers across the UK are encouraging everyone to check whether they might have a pension pot from a previous job that they’ve forgotten about or didn’t realise existed.

It’s estimated that there's currently 3.3 million lost or forgotten pension pots in the UK. That’s as many as 1 in 20 people who could be missing out on their pensions. And the problem is growing – since 2018, the number of lost pots has jumped by 75%.

So, if you’ve moved house or misplaced any paperwork, it’s worth dedicating your extra hour this weekend to your financial future.

And the good news is you don’t need to be a financial expert to find lost pensions. All it takes is a clear process and a bit of effort.

Trace a lost pension in 5 simple steps

1. Retrace your career

   List all the places you’ve worked in the past and roughly how long you worked there. Old CVs, payslips, P45s or P60s may help you.
   

2. Search your records

   Go through old paperwork and see if you have any pension statements from previous employers.
   

3. Sense check

   Get in touch with the provider or administrator and make sure your contact details are up to date for each pension you’ve got.
   

4. Check for gaps

   If you’ve spotted any gaps in your pension history, you’ll need to contact the employer’s HR department or use the government’s free Pension Tracing Service. Other companies offer a similar tracing service but many charge a fee. 

5. Get in touch
   Contact the pension provider or administrator and check to see if they’ve got any record of a pension for you. You’ll need your National Insurance number and possibly other details too.
   
   If they do and you didn’t transfer out to another pension:

• Find out how much is in the pot and ask for an update-to-date statement.
• Update your contact details.
• See if you can register for online access to your pension.
  
  Don’t forget to log into your myFund account and check the details we have are up to date too.

For more tips on tracing your lost pensions, visit the National Pension Tracing Day website.

Reasons to trace your lost pensions

Here are a few of the reasons to trace your lost pension this weekend:

• You can update your contact details. This means your pension provider can send you important information and updates going forward.
• You can check to see if your nominations or expression of wish are up to date.
• You can find out more about your options, if any of your pension is still invested, and whether you have a say in those funds.

What should you do once you’ve found your lost pensions?

Now you’ve found your lost pensions, you can start building your retirement plan.

Use the Retirement Budgeting Calculator

You can use this new information to get a clearer picture of your savings and identify any changes you can make. Use the Retirement Budgeting Calculator as a guide for how much you’ll need to save for the life you want after work.

Get financial advice

Speak to an Independent Financial Adviser for guidance. Liverpool Victoria (LV) has been chosen as the official partner to give RPS members access to financial advice. LV can be contacted on 0800 023 4187. This service is authorised and regulated by the Financial Conduct Authority.

You can also visit MoneyHelper for free, impartial advice backed by the government.