Have you lost track of old pensions?

When you start a new job, you might be auto-enrolled onto a workplace pension.

So over time, you can end up with several pension pots spread across different providers.

But as a consequence, you might forget about some of them, who they’re with and how much money they contain.

According to Hargreaves Lansdown, more than one in five (21%) people have lost track of at least one of their old pensions.

Savers could be missing out on thousands of pounds

Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, believes this could cause “chaos” for people planning for retirement.

If you’ve lost track of an old pension, you could be underestimating your retirement income - and that missing money could make a big difference in the future.

“Over time, even the smallest pension will grow,” she said.

“So not tracking it down risks you missing out on thousands of pounds.”

Hargreaves Lansdown found that older people are generally more likely to keep tabs on their pensions.

But even so, more than a quarter (28%) of over-55s say they’ve lost track of old pensions or aren’t sure where they’re held.

How to track down old pensions

You can use the government’s Pension Tracing Service to find old savings pots.

It’s free and all you need to do is enter the names and addresses of your previous employers. 

The service will then give you the contact details of the pension provider, so you can get in touch with them and check if you have money there.

Once confirmed, you can find out:

• how much it’s worth
• how it's invested
• what your options are for managing or moving it to another provider

Should I consolidate old pensions?

After tracking down your old pensions, you might want to combine them into one pot, such as your current workplace scheme or a private pension.

For some, this can be easier to manage and give people a clearer oversight of their retirement savings.

But consolidation isn’t the right option for everyone.

Some pensions come with valuable benefits or guarantees that you might lose if you transfer them. 

So before making any changes, check the terms of each pension.

Even if you don’t make any changes now, simply knowing where your pensions are and how much they’re worth can help you feel more in control of your long-term finances.