Have you lost track of your UK Pension? It can happen more often than you think, especially if you’ve moved countries or switched jobs multiple times. In 2016, the UK’s Department for Work and Pension (DWP) estimated there were £400 million in unclaimed pension savings – and it’s likely that this amount has grown since then.
So, here’s a step-by-step guide to help you locate your UK Pension, ensuring you don’t miss out on your hard-earned savings.
Step 1: Contact your old employer
Was your pension set up through your employer? You can contact them directly and ask for details of your pension scheme provider. In case your employer has changed preferred pension provider since you left, make sure you specify the dates you worked there. You may also ask old work colleagues, if you have kept in touch.
What if you had a workplace pension in the UK, but your former employer is no more? If your former UK employer has ceased to exist due to liquidation or other reasons, you might still qualify for some payments. The Pension Protection Fund (PPF) provides compensation to those with eligible defined benefit pensions when an employer goes insolvent. Visit the PPF’s website to find out whether your old pension scheme has been transferred or is currently under assessment, offering you a pathway to claim your benefits.
Step 2: Use the Pension Tracing Service
If you’re not quite sure where your pension is, the UK Government offers a free online tool – the Pension Tracing Service. This can assist you in the initial stage of locating your pension; it can’t tell you whether you have a pension, or what its value is. All you need to get started is the name of your employer or pension provider.
Step 3: Consult the Association of British Insurers (ABI)
Can’t remember the name of your pension provider? Here’s a solution: the Association of British Insurers (ABI) maintains an exhaustive list of UK pension providers, both past and present. This can also be helpful if your pension provider has undergone changes. For example, if you remember having a pension with one provider, you may find out that the administrator has changed, and you’ll know you can reach out to them for more detail.
Step 4: Gather all the relevant information
Once you’ve identified where your pension is, the next step is to gather all the relevant information about it. This handy template by Money Helper UK can help you ask the right questions to your pension provider. This can include inquiries about the current value of your fund, investment strategies, bonuses or rewards, and any associated management fees. Knowing these details is crucial for making informed decisions about your pension, like transferring it to New Zealand.
Get in touch: we’re here to help
If you’d like to learn more about how to transfer your UK pension to New Zealand, keep us in mind. We can help you understand if this move is appropriate for your needs and guide you through the transfer process, so you can make well-informed decisions for your financial well-being.
Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.