How Do People Lose Their Pensions?

It's easier than you think to lose track of your pension. Last year it was estimated that £5billion of pension savings are unclaimed.

It's worth checking to see if you have any lost pensions, even if you are aware of some pensions you may have. We can give you the 100% certainty you need with regards to your pensions.

Moving address

Moving can cause you to lose track of your pensions; this is because a pension provider will try and contact you via the post - If you do not update your address with your pension provider, then they will continue to try and contact you at your old address. Once they receive their letters back, they will mark you as ‘not known address at this address’ and will stop sending correspondence.  Still, if they are unable, you will then be responsible for contacting them yourself. So it is really important to let these providers know when you move house.

Changing your name

Suppose you have changed your name or you have recently married. In that case, providers usually are unable to locate a record of your policy because your policy was under your maiden name. If they do manage to find your policy, then they will require proof of your previous and current name (marriage certificate).

May be in receipt / received refund

Sometimes you may believe that you have lost a pension - where the case may be that you are already receiving this pension without being aware, or you may have had are fund for that pension. If you receive your pension, you would have paperwork to back it up; however, paperwork is easy to lose.

Losing paperwork

Losing track of any pension paperwork can be a pain, and the paperwork is what contains all of the policy numbers you may need, including any details about pension schemes. You ideally should be receiving yearly annual statements.

New contact number

Changing your contact number can also mean that pension providers may not be able to contact you, especially if you have moved address (as mentioned above). It is always worth to make sure they have at least a secondary number for yourself just incase they are unable to contact you using your primary contact number.

Pension schemes or pensions transferring

​Sometimes a pension scheme that you were enrolled in may either be transferred to another provider or can go to places such as the pension protection fund. Most providers keep their archives for up to 7 years. This means there could be a chance that they are unable to provide you with details as to where the pension went.

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