Imagine finding a lost pension?

There are now an estimated 3.3 million lost pension pots, containing £31.1 billion worth of assets, with the average size of a lost pot highest among the 55-75 age group, at £13,620*.

So imagine finding a pension you never knew you had. Well…this happened to my Mum!

Mum’s story

Mum began her career in the Public Affairs office at a large aircraft engineering company back in the 80s.

“A friend from that time, mentioned she’d received a letter from the company advising her she had pension money owing“, she explained. “This was news to my friend as, like me, she’d withdrawn the content of her pension on leaving Rolls to start her family. It turned out the pension fund had held a little back for those who took this action at the time.“

Thanks to added interest and compounding over the following 30 years, their pots had grown into small, but very useful amounts which I’m happy to say they both now enjoy every month – for life!

Mum told me she’d then simply contacted the company, who requested evidence of her identity. As she’d changed her name and moved several times over the years, they hadn’t been able to trace her in the past to let her know. Luckily Mum had kept her old passports which verified her change of name, and had access to all the other relevant paperwork required, so it was a straightforward process.

“There must be so many people out there who, like me, have no idea there’s a pension pot with their name on it,” Mum says.

“The company we worked for was a large corporate and is still operating which made it easy to apply. It was such a lovely surprise to hear I was also to receive a small pension each month, but you can imagine – with hindsight – my regret at not leaving it where it was at the time to gain the advantage of compound interest!”

Tips to track down your pension pots: what you need in advance

• National insurance number.
• Date of birth.
• Address where you resided when you left the pension scheme.
• Evidence of change of name if relevant.

Tips to track down your pension pots: ideas for search 

• Make a list of all the dates and places you’ve worked over the years.
• Get in touch with former colleagues who may be able to help/in the same position.
• If the company is still trading, call to ask who the best person to speak to would be.
• If the company was sold or changed its name, contact Companies House to find its registered address, or utilise the Government’s free pension tracing service.
• If you find your former employer goes bankrupt and cannot pay your pension, you’re usually protected by the Government Pension Protection Fund.
• Utilise the National Pension Tracing Day online resource centre. The site has a wealth of information and points users towards sources of help, as well as revealing common pitfalls to watch out for.

The value of a pension may fall as well as rise. You may get back less than you invested.

*The Pensions Policy Institute Briefing Note 138 – Lost Pensions 2024, published October 2024