Easter egg hunts are an annual tradition enjoyed by all ages, whether you like to admit it or not, particularly when chocolate is involved. But when it comes to hunting down your pensions, this can be a different matter.
Hunting for pensions can be stressful, especially if you know you’ve amassed multiples throughout your career. Last year, research showed that £31.1 billion* was lying in unclaimed, inactive, or lost pension pots. So, keeping track of your pensions could be the tool you need for the best retirement. But knowing where to start, how to find them, and then what to do with them can be, understandably, a confusing venture.
So, is losing track of – and the subsequent hunt for – your pensions, inevitable? At My Pension Expert, we don’t believe so….
Starting the hunt for your pensions
The usual starting place for your pension hunt is the Government’s ‘Pension Tracing Service’. This free service helps you find the contact details for the pension providers of your past workplace(s). All you need is the name of your former company.
This service won’t tell you specific details about your pension pot(s), for example, how much you have in each one. However, it will point you in the right direction of the pension providers you can contact. Then, you can work to find out how much you have in there and any other specifics you may be interested in.
The government’s ‘Pensions Dashboard’ will simplify the hunt for your pensions. This will be a great tool, giving you access to all your pension information, including your state pension, all in one place. Despite facing some delays, the dashboard will launch in October 2026. However, searching for your pension will require more manual effort. Alternatively, you could give advisers the authority to track down your pensions, but this will come at a cost.
You’ve found your pensions! So, what now?
Once you’ve found your pensions, you can now decide what you want to do with them. Though, remember, you can’t access your money until you reach the age of 55.
For some, transferring your pensions into one place might be a good option. Doing so could help to simplify your pension strategy as well as reducing charges, such as service fees. It could also open yourself up to other investments helping to make your pension work for you.
On the other hand, there can be drawbacks to consolidating your pension. For example, you could be exposed you to exit fees, which may outweigh the benefits of transferring. Further, some pension plans may have unique benefits, such as tax-free cash or guaranteed annuity rates.
Deciding whether or not to move your pensions doesn’t need to be a solo job. Help is always available in the form of advice!
Seek advice
Seeking advice will help you assess which options best suit your current financial circumstances and future goals.
In some cases, an independent financial adviser, like those at My Pension Expert, may recommend moving one or more of your pensions to the same place. In other cases, they may not. Their recommendation will be tailored to your current circumstances and future objectives.
Life can get in the way of keeping on top of all your workplace pensions. The key is to remember that tools are available to help you make sense of your pension and seek advice where possible. Doing so can help you make informed decisions about your pension and set you on the right path to the financial future you want.
