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Possible long-lost pension?
wary
Posts: 792 Forumite
My wife has only ever had 2 permanent jobs, for 18 months & for 36 months back in the late 1980s. Her memory is that she received no company pension and any pension payments would have had to been off her own bat into a personal pension.
I'm a bit surprised at that. Would it not have been the norm at that time for companies to make provision for their staff, often with a final salary scheme?
It could be that her memory is astray after the passage of time and also that not being financially astute, she simply wan't aware that pension contributions were being made behind the scenes. What does make me think she's correct is that she did independently take out a personal pension part way through her employment, when they were all the rage at the end of the Thatcher regime. I don't think that would have been allowed if she'd been in a company scheme?
I'm wondering whether it would be worth doing some digging on the off-chance that she has a couple of frozen final-salary-scheme pensions that she's not aware of? Therefore my question really is whether it would have been highly unusual for companies at around that time to not make pension provision for their employees?
Regardless, I don't think it would be worth my while pursuing on the offchance, not just because of the small amounts involved, but also because she has no paperwork (she has moved a few times) and of the 2 companies concerned, one she thinks is no longer in business and the other was taken over (maybe more than once)!!! :rotfl:But I thought I'd ask anyway!
I'm a bit surprised at that. Would it not have been the norm at that time for companies to make provision for their staff, often with a final salary scheme?
It could be that her memory is astray after the passage of time and also that not being financially astute, she simply wan't aware that pension contributions were being made behind the scenes. What does make me think she's correct is that she did independently take out a personal pension part way through her employment, when they were all the rage at the end of the Thatcher regime. I don't think that would have been allowed if she'd been in a company scheme?
I'm wondering whether it would be worth doing some digging on the off-chance that she has a couple of frozen final-salary-scheme pensions that she's not aware of? Therefore my question really is whether it would have been highly unusual for companies at around that time to not make pension provision for their employees?
Regardless, I don't think it would be worth my while pursuing on the offchance, not just because of the small amounts involved, but also because she has no paperwork (she has moved a few times) and of the 2 companies concerned, one she thinks is no longer in business and the other was taken over (maybe more than once)!!! :rotfl:But I thought I'd ask anyway!
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Comments
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First thing to do is to trace the companies involved.
Try the Pension tracing service.
http://www.direct.gov.uk/en/Pensionsandretirementplanning/PlanningForRetirement/AboutToRetire/DG_10027189
This service is free, so nothing to lose and provides contact details for any scheme that she may have any benefits in based on the companies she worked for. Definately worth a try. Any small payments if there may have grown, and if you dont ask, you dont get......
If theres anything there then the scheme will want to pay it as its your money and if you dont claim it they have to hold it on off chance it may be claimed one day. Also at normal retirement date they try to chase up any benefits by using your NI number to forward a letter through the Dept of Work and Pensions asking you to contact them.
Generally...... You have mentioned 18 and 36 months service and the 1980s.
Up to early/mid 80s, i think 1985, then you had to have in most schemes 5 years service to keep a pension in a scheme. From 1985 this fell to 2 years service. So its possible if there were any benefits these were refunded given the short periods that applied. Also in those days then there wasnt the paperwork rules that apply now so its possible any monies were added to final payslips unexplained, or if there was any paperwork that this was simply lost over time.
Other issues to think about is that politics played a role in pension provision. Some parts of the workforce werent invited in, whereas in some companies participation was compulsary. In some places, women didnt join as it was considered their husbands would make provision for them! (not my view before anyone complains to me, but it did go on!)
A company has never been under any law here to make provision pension wise. The practice of forced membership by some companies was also made illegial in the mid 80s.
With personal pensions, then at that time, you were only allowed one scheme at a time. So if she had a personal pension she shouldve had no company pension at the same time.
Anyway, try the pension tracing service and see. Its free and if they give you contact details of a scheme its then only the cost of an email/phone call to see if theres any benefits there.......0
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