Major pension provider launches in-app feature to help you track down your missing pots – are you missing out on £9k?

A MAJOR pension provider has launched a new feature to help you track down “lost” retirement pots. Around 3.3million pension pots in the UK are now considered lost, which means their owner has either forgotten about them or they’ve lost touch with the provider. To help solve the problem, Scottish Widows has added a new feature to its app to help you get hold of any missing pots you have. The Pension Tracing Service is now easily accessible within the app – meaning you can track down pensions with just a few clicks. Sign up for the Money newsletter Thank you! If you have a pensions account with Scottish Widows, all you need to do is log in or register for the app and then select Pension Tracing to begin. You’ll need to enter your previous employer’s name and your employment dates, or you can include the pension provider if you have it. Get the most out of your pension (AD) Sticking with your current pension provider could cost you thousands in retirement. *If you click on this link we will earn affiliate revenue That’s why Pense is offering affordable pension advice for people with pots of all sizes – whether it be a drawdown or annuity. Speak to one of their specialists to get a free detailed breakdown of your options. · Find out more Pense Ltd is authorised and regulated by the Financial Conduct Authority number 231629. You then submit your request and can track your progress in the app. If you’ve tracked down multiple lost pension pots, it can save you money in fees if you consolidate them into one plan. Just make sure you aren’t losing out on any benefits by moving your pots – for example, if you’ve got a defined benefit pension that guarantees you a secure income for life. If you’re unsure about what to do with your pensions, you can get free advice from the Pension Wise service if you’re over 50. Most read in Money It’s well worth looking for any lost pensions, as the Pensions Policy Institute (PPI) estimates missing pots have an average value of £9,470. That could contribute a significant chunk towards your retirement plans. Chira Barua, chief executive at Scottish Widows, said: “Too many people are going into later life without a clear picture of what they have saved, simply because their pensions are scattered across different jobs and providers. “With millions of pots sitting unclaimed across the UK, helping people reconnect with their savings is an important first step in improving retirement outcomes.” To live a “moderate” retirement, you’ll need an income of £32,700 a year for a single person or £45,400 for a couple, according to the Pensions and Lifetime Savings Association (PLSA). While the state pension will bridge some of that gap, provided you’re eligible, you’ll still need to have a plan to fund the remaining income. The new full state pension is worth £241.30 per week, or £12,547.60 per year. That means you’ll need to make full use of any private pension pots you have. Many people lose pension pots as they are automatically enrolled into workplace pensions through auto-enrolment. Under auto-enrolment, you pay 4% of your wages into your pension pot and your employer contributes 3%, plus you get 1% in tax relief from the Government. Each time you start a new job, you start a new pension too – which can leave you with several pots of cash that are easily forgotten about. Even if you were only in a job for a short time, small pots of money can add up. Remember, the money you add into a workplace pension is invested and grows over time – so you might be surprised by how much is in there. How to track down a lost pension pot IF you're not with Scottish Widows, you can still track down your lost pension pots for free. If you can, gather all the pension documentation you have, such as paperwork or online documents or emails. You should receive this when you first sign up for a workplace pension. Pension providers tend to send annual statements by post, which you can use to find any crucial contact details too. If, once trawling through your paperwork, you see any pension providers you don’t recognise, you can get in touch with them. Ask if they have any information about your pension pot and its value and they should be able to help. If you can’t find the right paperwork, or you can’t remember who an old pension was with, you can speak to the HR department at your former employer. Contact them to see if they can help you find out which pension provider administered your workplace scheme. If you can’t get in touch with a previous employer, or you are trying to hunt down a private pension, you can use the Government’s online Pension Tracing Service. You can also try calling the service on 0800 731 0193 or +44 (0)191 215 4491 if you are calling from outside the UK. It’s free to use and lets you search a database of hundreds of thousands of pension schemes to find any contact details. You enter the name of your employer or old pension provider. The service then tells you who managed your old company’s scheme and its contact details. Comment now