October can be a scary month; the nights are drawing in and All Hallows’ Eve takes pride of place on the very last day. There is, however, a far more important day that takes place around the same time and very few of us are aware of it. The 30th October is National Pension Tracing Day, I admit it’s not a very catchy title, it doesn’t need to be. It’s a day to be celebrated for helping thousands of people re-acquire their share of the previously reported £19.4 Billion* in unclaimed pension pots – that’s an average of £13,000 for each of us.
You may think why bother, they’ll find me. Well, maybe they won’t. It’s worth putting the effort in now, it’s not that difficult and it could be worth thousands in the future.
Here’s a few helpful steps you may want to consider: –
- Go to https://nationalpensiontracingday.co.uk/why-join/ and download the step by step guide
- Retrace your steps, where have you worked in the past. Still got any old CVs
- Search the papers, we all have a box of paperwork somewhere, have a good rummage
- Use the web to your advantage – try https://www.gov.uk/find-pension-contact-details and see where they can help
Now all you need to do is contact the pension providers or pension administrators you’ve found details for, ask if they’ve got any pension records for you. If they have – you’ve found treasure! Time to celebrate!
You may want to share your success with a hashtag or two…..
#WheresMyPension
#NationalPensionTracingDay
#NPTD
#GreatPensionTreasureHunt
And one just for us…..
#TPDWealth
Apart from being YOUR money, here are 4 other reasons to trace
- Pension providers charge to administer your pot. You could save money by finding and moving your pension to a provider with lower charges. (I think you may have guessed why I wrote this article!)
- You could combine old pension pots into one, making everything easier to manage and keep track of, although you may want to take advice before doing this.
- You could choose investments for your pensions that are more in line with how you feel about investment risk
- Find a lost pension, and you’ve instantly got more retirement income.
As with all financial services it is always wise to tread carefully, there plenty of Pirates and Sharks in these waters.
Some things you may want to consider: –
- Avoid paid services – You should be able to trace lost pensions yourself. It is not necessary to pay anyone to do it for you. Yes, it will take a bit of time and effort, but it could be worth it.
- It is often necessary or preferable to move pension savings into one pension pot as they are tracked down. Yet fraudsters also try to persuade people to transfer their retirement savings so they can get at the money. Pension scam victims are losing over £50,000 on average, according to Action Fraud.
TPD Wealth Management recommend following these simple tips to stay safe:-
- Unknown contact – Be wary if someone contacts you unexpectedly. This might be an email, phone call or social media message – especially if they offer a ‘free pension review.’
- One-off opportunities – Take care if you are offered a ‘rare’ or ‘one-off’ investment opportunity, particularly if it also comes with promises of high or guaranteed returns. Investment returns can’t be guaranteed and moving money overseas makes it harder to trace.
- Loopholes – Watch out for people who claim they can help you exploit pension ‘loopholes,’ such as helping you access your pension pot before the age of 55. Except in rare circumstances such as ill-health, you can’t do this without incurring a tax charge.
- Being rushed – If you find yourself being pressured into making a decision – perhaps because the investment is a ‘time limited’ offer – then it should likely be avoided. Reputable organisations will give you time to think and change your mind.
Follow the National Pension Tracing Day link below to their step-by-step guide
Download step by step guide here
* The Association of British Insurers 05/05/2020