Tracing Lost Pensions and Requesting Pension Forecasts

havenifa

havenifa


Posted on: 24th August 2018

If you want to plan for your retirement, something which is essential if you wish to live comfortably in later years, there are many things to calculate. You will need to figure out how much income you will receive from all your pensions. This includes the workplace pension, any personal plans and the state pension.  This may seem like a daunting task, but tracing lost pensions is actually relatively easy.

Tracing Lost  Pensions: Personal or Workplace

Each year, most pension schemes which you have been a member of must send you a statement. These statements include a retirement income estimation that the pension pot could generate when you reach retirement. If you are no longer receiving these statements, under such circumstances as a change of address, then there are three places to turn to for tracing this information:

  • The pension provider
  • The Pension Tracing Service
  • Your former employer if it was a workplace pension

Contacting the Personal Pension Provider

If you are aware of the pension provider your pension was with, then contacting them should be your first step. The Money Advice Service has a template letter which you can use to complete and send to them. However, no matter how you choose to contact them, be sure to provide as much information as possible. You will need information such as:

  • Your pension plan number
  • Your date of birth
  • Your National Insurance number
  • The date your pension was set up

By asking these questions below, you will get a thorough overview of your pension pot:

  • What is the current value of the pension pot?
  • Is there currently a nominated recipient for any death benefits?
  • How much has been contributed into the pension pot?
  • Are you paying any charges for management of the pot, and if so, how much?
  • How is the pension pot being invested and what are the options for making changes?
  • Would there be any charges if you were to transfer the pension pot to another provider?
  • What are the death benefits, i.e. how much would be paid from the pension post if you died?

If you are Tracing a Workplace Pension

If you wish to trace a workplace pension, a scheme that involves contributions from both yourself and your employer, then the employer should be the first point of contact. However, your employer may have provided access to a personal or stakeholders scheme. If this is the case, then you will need to contact the pension provider. If you do not know the details of the pension provider, you should be able to get this from your former employer. Again, you will need to provide some key information to trace this pension:

  • Your National Insurance number
  • The date you ended your employment with the company
  • The date you began employment with the company
  • The dates you joined and left the pension scheme

You will need to ask what kind of plan it is, such as a defined benefit or a benefit contribution. Unless it is a defined benefit scheme, you will also need to ask which pension provider your pension is with.

Contacting the Pension Tracing Service

If you are still struggling to make progress, whether it be because you cannot find the contact details of an old employer or you do not know the provider of an old pension, you can contact the Pension Tracing Service. This service is free to use. It searches a database of over 200,000 workplace and personal pension schemes to try and find the necessary contact details.

How to Get an Estimate of your State Pension

A statement of your State Pension will provide you with an estimate of how much you may receive based on your National Insurance contribution records to date. It will also help you understand how any future National Insurance contributions may increase the amounts shown.

Talk to Haven IFA

Having control of your pension and being aware of all of your savings is essential for an enjoyable retirement. Having an independent financial advisor by your side can ensure you are planning efficiently for the future. Haven IFA are here to guide you with understanding your pension and retirement options. Get in touch to find out more.