If you want to check on the performance of your pension and monitor it over time, then most pension providers let you log in online. Your employer or pension provider will be able to help you access your pension online.
Keeping track of old pensions is one of those tasks we put off, often because we don’t know where to start.
It’s really common for workplace pensions (a way of saving for your retirement that's arranged by your employer) to be with different pension providers for each job you’ve had and so, you could end up with several pension pots. You’ll remember paying into a pension, but may struggle to recall who the pension was with and have little idea how it’s performing.
Factor in things like house moves and pension providers going paperless so you no longer receive paper statements, and it feels like an impossible task!
Thankfully, there’s some easy steps you can follow to track down lost and forgotten pensions. Once you’ve found them, you can start to think about managing them going forward.
Speak with past employers
First, contacting previous employers is often the best way of tracking your pensions. Your ex-colleagues in the HR department will be able to signpost you to the pension provider so you can get in touch with them directly. Having the rough dates of your employment and your National Insurance number to hand will help your previous employer help you.
Use a Pensions Tracing Service
If you’re unable to contact your employer – they may have stopped trading or be trading under a new name - you can use the government’sPension Tracing Service.
It’s free to use and if you know the name of the employer it will list their pension providers andyou can then contact them directly.
You can also use our Find & Combine service to look for a UK workplace or personal pension. Providing you know the pension provider, we can help you trace a pension and review the benefits and fees.
Rediscovering your old pensions is not only pleasing, it means you can manage them better from now on.
Transferring your pension
Once you have your pensions in sight then it’s worth exploring transferring your old pensions into a single pension plan. You might save on admin fees and find it easier to manage your pension.
You’ll need to consider charges or exit fees, funds and any valuable benefits that could be lost. You may also be required to obtain advice before transferring your pension, for which a fee will be charged.
It’s always worth remembering, that the value of an investment can go down as well as up and you could get back less than you invested.
While it can be un-settling to witness a decline in the value of your pension, it's crucial to remember that these fluctuations are a normal part of investing. The recent global events and economic uncertainties have undoubtedly impacted pension funds, but history has shown that markets tend to recover over time. Ultimately, the value of your pension over the long term, not its day-to-day fluctuations, is what matters most.
FAQs
Fluctuations on a daily basis are normal with any type of investment including pensions. The best course of action is often to leave your pension to recover. A rash decision to try and move your money because of a short-term dip in value, means the losses become real.
Will pension funds recover? ›
Recovery in pension funds is not a matter of if, but when. While the exact timeline remains uncertain, being proactive in your pension choices, seeking financial advice, and maintaining a long-term investment perspective are steps you can take to navigate through this period.
Will pensions ever come back? ›
Some Employers Could Bring Back Pensions — But Probably Not in Droves. Given the overwhelming demand for the return of pension plans, some employers may shift to provide them as a matter of employee retention, but ultimately, it's unlikely we'll see the return of these most-desired retirement plans en masse.
Are pensions safe from bankruptcies? ›
ERISA-qualified retirement accounts and pension plan funds are protected from creditors as long as the funds remain in the actual account. Funds are treated differently after being withdrawn, and you stand a greater chance of losing them. You'd need to protect the funds with a cash or wildcard exemption.
Is it possible to lose your pension? ›
A number of situations could put your pension at risk, including underfunding, mismanagement, bankruptcy, and legal exemptions. Laws exist to protect you in such circ*mstances, but some laws provide better protection than others.
Why are pensions disappearing? ›
Traditional pension plans have been on the decline, primarily due to the economic strain they place on companies. Employers often bear the heavy responsibility of fully funding these plans; a task made more challenging by unpredictable market volatility and fluctuating investment returns.
What happens when a pension runs out of money? ›
A federal insurance agency, known as the Pension Benefit Guaranty Corporation (PBGC), insures most company and union pension plans up to certain limits if the plans run out of money. The guarantee limits for plans set up by a single company are different from plans set up by a union and a group of employers.
What is the average monthly income for retirees? ›
What Is the Average Retirement Income? The average monthly retirement income adjusted for inflation in 2023 is $4,381.25, according to a 2022 U.S. Census Bureau report. The average annual income for adults 65 and older in 2023 is $75,254 – or $83,085 when adjusted for inflation.
What is the average return of a pension? ›
Pension plans managed to obtain a positive real investment rate of return, net of investment expenses, in 2020 in the OECD area (at 4% on average) but lower than in 2019 (at 8%). Some of the largest pension markets (e.g. Canada, the Netherlands, Switzerland and the United States) even recorded gains above 5% in 2020.
Do all pensions last for life? ›
Pension benefits are typically a fixed monthly payment in retirement that is guaranteed for life. Some pension benefits grow with inflation. Other pension benefits can be passed on to a spouse or dependent. But pensions aren't the only financial route to guaranteed lifetime income after you retire.
When the recession hit, pension plans had enough on hand to continue paying benefits—in most cases, for many years to come. In response to the financial crisis, states have already made significant pension reforms.
Is my pension protected? ›
Answer - Final salary pension schemes are generally covered by the Pension Protection Fund. Your final salary pension is known as a 'defined benefit' scheme. These are protected by the Pension Protection Fund.
Why am I losing money on my pension? ›
While it can be un-settling to witness a decline in the value of your pension, it's crucial to remember that these fluctuations are a normal part of investing. The recent global events and economic uncertainties have undoubtedly impacted pension funds, but history has shown that markets tend to recover over time.
Should I cash out my pension? ›
Perhaps the greatest risk of cashing out a pension early is the prospect of running out of money. A monthly payment offers a steady income for the remainder of one's life, and in some cases can also be passed on to a spouse.
How do I chase a lost pension? ›
The Pension Tracing Service is a free government service. It searches a database of more than 200,000 workplace and personal pension schemes to try to find the contact details you need. You can phone the Pension Tracing Service on 0800 731 0193 or use the link below to search their online directory for contact details.
Are pension funds backed by the government? ›
Pension plans are funded by contributions from employers and occasionally from employees. Public employee pension plans tend to be more generous than ones from private employers. Private pension plans are subject to federal regulation and eligible for coverage by the Pension Benefit Guaranty Corporation.
What is the annuity outlook for 2024? ›
Latest annuity rates
The 15-year gilt yields decreased by -3 basis points to 4.62% during May 2024 with providers of standard annuities increasing rates by an average +1.10% for this month and rates may fall by -1.40% in the short term if yields remain at current levels.
What happens if I cash out my pension? ›
Know: You will pay taxes on your lump-sum payout. Your lump sum money is generally treated as ordinary income for the year you receive it (rollovers don't count; see below). For this reason, your employer is required to withhold 20 percent of the payout.
Does your pension ever go up? ›
Pension benefits are typically a fixed monthly payment in retirement that is guaranteed for life. Some pension benefits grow with inflation. Other pension benefits can be passed on to a spouse or dependent. But pensions aren't the only financial route to guaranteed lifetime income after you retire.
