Although lost pensions are not uncommon in the UK, moving countries makes this problem worse for expats. Some reaching pension age realise that they haven’t received any information regarding their pension for many years.
Some estimate there are over 1 million unclaimed pensions in the UK which equates to an estimated £3bn.
As with all records, the chance of losing important information or forgetting about updating the company you work for increases. The same goes for companies that hold your records. They may merge, buy out, or just update their systems, causing critical information to be lost.
Each case is not perfect, but there’s a chance your pension company lost track of you over the years and that you have lost track of your pension funds.
Can you remember all the different schemes you have? The details of each and the benefits they will provide?
It may be possible for you to track your pension and retrieve your information if you have lost it.
The following information is required to locate any pensions that have been lost:
Unfortunately, even with the help of HMRC, it’s not always possible for pension funds to be found.
Many factors will affect the success rate of finding a pension, such as the accuracy of the information and the circumstances in which it was lost.
It may be difficult to trace your pension if, for example, your pension company was bought out or merged with another firm.
An organisation cannot guarantee to locate a lost pension. However, independent financial advisors can help you trace your pensions using HMRC tools and information about different pension companies over the years.
There may be several options depending on your situation. For example, you can leave your pension alone if you cannot yet draw an income. On the other hand, you could transfer it to a personal pension or even an overseas scheme.
An independent financial advisor can provide additional assistance in this area. They will review your current circumstances, risk profile, future plans and your pensions in detail, then present you with some options.
Our network includes independent financial advisors from all over the globe who are highly qualified in helping British expats to find their lost pensions.
You can also get independent advice from them on how to best manage your pensions, including how to incorporate any other pension schemes or investments.
To find a lost pension, please fill out the form. We will arrange for an independent financial advisor from our network to reach you to discuss your options.
