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.