Lost pensions aren’t exactly a new problem in the UK, although whilst expats edge closer to their retirement age, the realisation that they haven’t received any information about their pension in recent times, suddenly starts to ring alarm bells.
It’s estimated by some that there’s over £3bn unclaimed in workplace and personal pensions held throughout the UK in well a million pension accounts.
Unfortunately, as with most records, every time you move house or job, the chances of losing some critical info or forgetting to update the company increases. Similarly, for the companies who hold your records, they could be bought out, merge or simply update their systems, resulting in crucial information being lost.
In each case, whilst it’s far from ideal, there is a good chance that through time, your pension company has just lost track of you, meaning you have lost track of your pension funds.
If you haven’t seen your pension statement for over 12 months, it is very possible that your pension has now joined the ever increasing number of lost pensions.
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British Expat Lost Pensions
Since you last worked in the UK, as a British Expat, you have moved home at least once, and therefore it is very possible that you have now lost track of your pensions.
If you believe that you have lost track of your pension, it is possible to trace your pension and bring your details up to date.
What You Will Need To Find A Lost Pension
If you wish to locate any lost pensions you will need at least some the following details as a minimum:
- Name
- Your Previous addresses
- Previous employment details (company info, start and end date)
- The following information would drastically increase the chances of finding any lost pensions
- Your National Insurance Number
- The Date you opted in to the pension scheme
- Payslips with evidence of pension payments
- Past pension statements (recent ones are better)
- Employers business type
- Employer’s alternative company names
- Employer’s head office information (or group HQ)
Success Rates For Locating Lost Pensions
Even with the help of the HMRC, unfortunately it isn’t always possible to find your lost pensions. The success rate depends on a wide variety of factors, including the accuracy of information you supplied and also the circumstances of which the pension was lost in the first place.
In example, if your pension firm merged with another company or was bought out and your details were lost in the process, it may be more difficult to trace your pension.
If you have simply forgotten to update your pension provider when you moved abroad, the chances of finding your pension increase dramatically, due to it being a small admin error.
In no certain circumstances can an organisation guarantee to track down a lost pension, however, many independent financial advisers can help you in tracing your pensions using a mixture of HMRC tools, as well as other information about various pension providers activities over time.
If you wish to request some help, you need to be prepared to share details of your previous work history, addresses any pay slips or copies of past pension statements – all of which will greatly increase the chances of finding pension funds.
What Happens When I Find My Lost Pension?
Dependant on your current situation, there will be a number of choices open to you. If you aren’t able to draw an income from the pension yet, you could just leave the pension as it is, or you may also be allowed to transfer it abroad.
This is where an independent Leeds financial advisor can provide more assistance. They could review your found pension, as well as weigh up any other investments and pensions and be able to make a recommendation for your next best course of action.
When making their recommendations, they will take into account your objectives, attitude to risk and any other major factors to propose their recommendations for you to make a your decision.