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Expert Pension Tracing Services (Using Our Experts)

Richard Beardsworth Pension Expert

By Richard Beardsworth.

Independent Financial Advisor

More Reading on Cashing In Pensions...

As an organisation devoted to educating pension savers on everything from transfers to pension lump-sum payments, we believe it is important to help our users interested in tracing pensions. To that end, our panel of FCA certified financial planners offer pension tracing that would enable you to find a lost pension or two.

It is true that you can take advantage of the Government's free pensions tracing service as a do-it-yourself option. However, it is our belief that you are better off using the pension tracing service of one of our experts. Allow us to explain why.

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Not so Easy

Tracing a lost pension seems easy in principle. You simply fill out a form, submit it to the Government website and you're on your way. Nevertheless, allow us to ask this question: why do you have potentially lost pensions? Lost pensions are, by definition, pension pots you are unaware of. This also likely means you have little or no information regarding the name of the pension scheme, who originally offered it, who administered it, whether or not it has changed names, and whether or not you are even a member.

Any pension tracing service relies on the consumer to provide as much information as possible to track down lost pensions. The less information available, the more difficult the task is. This is where our FCA approved experts have an advantage over the free government service.

The Government has no incentive to work extra hard to find your lost pensions. If it cannot help you with the limited amount of information you are able to provide, you may be out of luck. Nonetheless, a certified financial advisor is different. He or she will go the extra mile to find any and all lost pensions, because doing so will earn your appreciation and your business.

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Certified financial advisors also know all of the tricks of the trade for finding lost pensions. Years of experience have taught them how to work with small bits of information to open every door and turn over every rock. If you have any lost pensions out there, one of our experts can likely find it.

You Found a Lost Pension, Now What?

Let us assume you use the Government's free service to locate a lost pension with a previous employer. Now what? It is all well and good to know a lost pension exists; it is another thing entirely to know what to do with the information. This is yet another area in which the pension tracing service offered by one of our experts is superior. Not only can our experts help you find lost pensions, they can also help you make sense of the information and advise you on how to proceed.

The first step after finding a lost pension is to figure out how much your pot is worth. The information gleaned from the trace should tell you who currently administers the pension. You can simply contact the pension administrator to ask for a statement outlining the details of your pot and what it is worth. You will have to provide the administrator with the appropriate information to prepare the statement.

With the value of your previously lost pension in hand, you can work with a financial advisor to make plans for the cash. There are many options, including:

  • Transferring – You may choose to transfer a previously lost pension into the scheme offered by your current employer. Doing so increases the earning power of both by combining funds into a larger pot. There may be charges attached to transferring, so make sure you ask before doing so.
  • Cashing In – Pension savers who are over age 55 may elect to cash in previously lost pensions. The tax implications for doing so depend on the size of the pots and how disbursements are made.
  • Trivial Commutation – Smaller pots can be accessed through something known as trivial commutation. The rules surrounding trivial commutation vary depending on the number and size of the pots in question. This option is most favourable to savers who have multiple pensions of less than £10,000 in value.
  • Open a SIPP – The self-invested personal pension (SIPP) is a kind of pension that allows members complete control over their pension funds. You might continue saving in your current pension plan by way of weekly contributions but transfer a previously lost pension into a SIPP.
  • Do Nothing – The last option is to simply leave your previously lost pension alone for the time being. Doing so will certainly not hurt you to any great extent unless the firm administering your pension is in serious financial trouble. Barring that, you can leave the funds where they are until you actually have need of them.

Your certified financial advisor is the most qualified individual to help you make appropriate decisions regarding found pensions. By using the pension tracing service offered by one of our experts, you are starting the tracing process from a position of strength. We believe this is the wisest course of action to take.

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Patience Is a Virtue

Tracing a lost pension can help you better understand your overall financial picture for retirement. However, as we mentioned previously, doing so is not always as easy as it sounds. Therefore, patience is a virtue when you are looking for lost pensions. It may take some time for you or your financial advisor to track down pension schemes that have changed administrators, changed names or closed entirely.

Patience may also be necessary once lost pensions are found. You may contact the pension administrator to find out the value of your pot, only to discover they are as much in the dark about your pension as you were prior to tracing it. It may take the pension administrator some time to find the information relevant to your account. Do not get frustrated if you do not have the answers you want as quickly as you expect them.

Depending on how much information you have to offer, it could take weeks or months to find all of your lost pensions and their related entitlements. Do not think of pension tracing as a fast process that gleans immediate results. Rather, think of it as a scavenger hunt or a mystery requiring thorough investigation.

Do you suspect you have one or more lost pensions out there? Have you worked for previous employers who may have enrolled you in the pension plan without your knowledge? If there is any possibility you have money sitting in lost pensions, we encourage you to take advantage of the pension tracing service offered by one of our FCA certified financial advisors. Our experts can help you find all of the money you are entitled to. Once found, they can advise you on the best way to use that money to invest in your future.

Just call our 24/7 UL call centre to book a Free One to One Consultation with one of our panel of experts on the number below.

Why pay for great advice when you can get it for free. Just call us and we will do the rest.

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Our panel of FCA Approved Pension Experts Will Help You:

  • Free Initial Assessment of Your Current Pension Funds
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Well done and thanks for your efforts thus far, I look forward to our working together again… 

Martin McCudden - April 2013.

Bedford

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