More people today are enrolled in a workplace pension scheme than ever before, thanks to auto-enrolment. Since 2018, it’s been a legal requirement for all employers to set up a workplace pension and enrol their employees into it, unless those employees choose to opt out.
This means that if you’ve had a job in the last few years, there’s a good chance you’ll have a workplace pension to go with it.
With the average millennial worker estimated to have 12 jobs over the course of their career, it’s no wonder keeping track of all your individual workplace pensions – or even knowing whether you had one – is hard. Did you know there are an estimated 2.8 million pension pots worth £26.6bn that have been forgotten as workers change jobs? If you’re not sure whether you have a forgotten workplace pension to track down, we have a few simple questions to help you find out.
Do I have a lost pension?
a) Been in work at some point since 2018?
b) Previously worked in a public sector role – such as NHS worker, teacher, civil servant?
c) Worked for an employer after October 2012 which had more than 50 employees?
d) Worked for more than three months in recent years, aged 22 or older, with an annual salary of at least £10,000?
If you answered yes to any of the above, it’s likely that you could have one or more lost pension pots!
How can I find my lost pension pots?
Keeping track of old pensions can be tricky, especially if you have a few from multiple previous employers. One of the best (and easiest) ways to feel more in control when it comes to your hard-earned money could be bringing those stranded pots together.
Read more: 5 reasons to consolidate your lost pensions
There are a few ways you can track down your lost pension pots:
- Check through old emails or paperwork. Your pension provider will usually send you an annual statement which will likely include your policy details.
- Contact your provider. If you can remember who your pension provider was, you can contact them directly. You’ll need to provide your name and address, and potentially your NI number.
- Contact your old employer. If you can’t remember your pension provider, you can contact your old employer. You’ll need to provide the dates you worked there and they should be able to point you in the right direction of who your pension provider was.
If you need extra help, our Pension Provider Search Tool uses the name of your former employer and the dates you worked to find your pots. In the case you can’t immediately provide the details of your old provider, our team of Pension Detectives will get to work searching for your pension provider.
Before getting started, you should know there are some cases where you won’t be able to transfer a pension to us:
You’re still working for your employer: If you’re still working for your employer and paying into your workplace pension, you won’t be able to move it to Moneybox until you’ve stopped contributing to it (usually after you change jobs).
You have guaranteed benefits in your pension: We also can’t accept transfers from pensions which come with valuable guaranteed benefits – which might be the case if you’ve worked in the public sector.
It’s also important to remember
When deciding whether to transfer your pension, it’s important to compare the charges and benefits between Moneybox and your old provider, and whether the risk and reward profile of the investments we offer matches your needs. As with all investing, the value of your pension can go up and down, and you may get back less than you invest. If you’re not sure whether the Moneybox Pension is right for you, a suitably qualified financial adviser can help you decide. Moneybox Personal Pension T&Cs Apply.