A quarter of adults have lost a pension pot, says survey
If the pension crisis wasn’t bad enough with millions facing penury in retirement, a new survey published today shows that almost a quarter of adults have actually lost a pension pot.
Age UK has issued a warning about the growing pension black hole resulting from shifting working patterns and confusion around retirement planning.
With the idea of long-term jobs disappearing, young workers aged between 25 and 34 have had as many employers as those aged 65 or older.
And if you’ve already worked for six different companies by your mid-30s, it’s hardly surprising that you may have lost contact with a previous pension plan.
In fact people work for an average 11 employers over the course of their working lives, according to the Department for Work and Pensions.
Lucy Harmer of Age UK, said: “With the number of jobs we have over a lifetime increasing, it’s likely that people will accumulate several small pension pots. Organising paperwork and keeping details secure is especially crucial for pensions as it may be some years down the line until they need to be accessed.”
However, the charity’s research suggests that nearly half of all missing pensions - 47 per cent - are simply “lost in the mists of time”.
One in 10 people say the fact that they’ve moved jobs too many times has made it impossible to keep track of their pensions while one in five admits to having lost their pension paperwork.
But a lost pension pot doesn’t have to be a disaster. Your details should still be recorded by pension trustees and it’s often simply a question of tracking down old pension schemes and informing them of your current situation and any changed circumstances – if at all – to ensure you are reunited with your lost fund.
With prospects of a prosperous retirement for most of us shrinking fast, assessing how much you have already in various pensions pots is crucial when planning how much you need to save now. “People need to seriously think about planning for retirement and the kind of lifestyle they want, and having up-to-date records of any previous pension savings is important in that,” said Lucy Harmer.
How to track down a lost pension pot
There’s a government section called the Pension Tracing Service that’s part of the Department for Work and Pensions. It holds records of all pensions - it has a database of some 200,000 different occupational and personal schemes - and can help put you back in touch with lost retirement pots.
However it will need some basic details to track down your records – the more you can supply, the higher chance there is of being successful. Start by racking your memory of the names of companies you worked for and whether you contributed to a pension scheme. If you can supply an address, all the better.
You’ll also need your national insurance number, and records of different addresses you have lived at while working. That’s especially crucial if you had an old personal pension.
If you can dig out any old documents relating to a pension, the Service will be able to tell you its up-to-date contact details.
Go online to www.gov.uk/find-lost-pension or call the service on 0845 6002 537. You can also write with all your details to Pension Tracing Service, Tyneview Park, Whitley Road, Newcastle Upon Tyne, NE98 1BA.
Mountain goats miraculously survive avalanche in the Alps
Skyfall's Ben Whishaw confirmed for Freddie Mercury film
- 1 Gurdwaras-turned-food banks: Sikh temples are catering for rise in Britain’s hungry
- 2 TK Maxx and discount stores: If it looks too good to be true, it probably is
- 3 Teenage girl convicted of robbery after taking pre-crime selfie wielding knife
- 4 Government delays EU immigration report because it is too positive
- 5 'I'm experiencing austerity as well', says Princess Michael of Kent
- < Previous
- Next >
iJobs Money & Business
£50000 - £75000 per annum + Benefits + Bonus: Harrington Starr: Senior C++ Dev...
£Negotiable: Citifocus: Polished and professional individual with RDR Level 4 ...
£75000 - £85000 per annum + attractive benefits: Pro-Recruitment Group: Senior...
£70000 - £80000 per annum + Commission Package: Harrington Starr: Due to winni...
Day In a Page
A Grade II-listed mansion with two apartments and a cottage, near Gretna Green
A three-bedroom Grade II-listed mews house with vaulted ceilings and roof garden
A spacious Grade II-listed family home with annexe and equestrian facilities among four acres of land in Itchingfield
A four-bedroom home with exposed brick walls and open fires in the picturesque village of Northill
A Grade II-listed property with five bedrooms and unique tower, overlooking Hastings Old Town
A charming five-bedroom detached family home, set within half an acre in Kew
A two-bedroom maisonette set on the top two floors of a period building, close to Kentish Town Tube.
Take advantage of the extra space provided by former stables and outbuildings at this five-bedroom farmhouse.
This three-bedroom Victorian terrace is near to Queen’s Road Peckham station, Nunhead station.
A five-bedroom modern house with terrace, swimming pool, Zen treehouse and large carp pond
An unexpected gem with four bedrooms, remarkable vaulted reception and a galleried study area
A five-bedroom house in one of Lymington's most sought after tree lined avenues, moments from the marinas and sailing clubs
A grand early 19th century B&B close to the historic harbour, with four en suite bedrooms
A four-bedroom, 17th century home with walled gardens, a landscaped terrace, cellar and open fires
A six-bedroom house with five bathrooms and four reception rooms spread over 4,000sq ft of luxury living space
A stunning three double-bedroom apartment with two decked terraces in the exclusive gated community, Bromyard House
A 10-bedroom period, family home amid beautiful surroundings in the centre of the Wentworth Estate in Longcross village
A stylish three-bedroom apartment with two bathrooms and private landscaped garden, moments from Fitzroy Square
A Grade II-listed Elizabethan barn with landscaped gardens, exposed elm beams and four bedrooms, all with lovely views
A six-bedroom family home, dating back to 1280 with four reception rooms, barn, swimming pool and tennis courts in Harwell
A spacious two-bedroom flat, refurbished to a very high standard with private landscaped garden, close to Kentish Town station
An exceptional two-bedroom apartment with balcony and underground parking in the centre of Richmond
A one-bedroom, luxury, duplex apartment in the grand landmark building, Imperial Hall
Run a fabulous boutique shop, live above it in a one-bedroom flat and let a second one-bedroom flat that comes part and parcel
A Grade-II listed, thatched cottage in Hundleby village, with five bedrooms, a coach house and three and a half acres
A spacious two-bedroom flat in the heart of Hoxton Square with wooden floors and roof terrace
A five-bedroom family home with stunning pool and gym complex set among two acres of land
A six-bedroom period house with heated swimming pool and a separate two-bedroom annexe cottage in Townlake, £795,000
A spacious and contemporary two-bedroom flat arranged over three floors, with garden patio close to St George Square, £600,000
A one-bedroom flat in a beautiful Regency building opposite the beach in Kemp Town, £190,000
A two-bedroom flat with London skyline views close to Surrey Quays. £395,000.
A seven-storey tower with three bedrooms and a stunning roof terrace. Guide price: £850,000.
A 16-bedroom country pile with nine reception rooms, four self-contained flats and a 13th century Peel Tower. £850,000.
A classic six-bedroom Victorian Manse house 10 miles from Edinburgh. £495,000.
John Lennon's childhood home in Liverpool to be sold at auction. Guide price: £150,000-£250,000.
A six-bedroom detached period property with secluded gardens, ample parking and a double garage in Rye, £675,000.
A large split-level property with three double-bedrooms and roof terrace, close to Crouch End Broadway, £625,000.
A charming barn conversion in the picturesque Cotswold village of Ilmington with three bedrooms, a detached garage, workshop and beautifully manicured gardens £675,000.
A three-bedroom new build, ground-floor flat with two bathrooms, close to Bermondsey tube, £445,000.
A three-bedroom house in an enviable new development moments from Oxshott High Street, with secluded garden and decked area, £385,000