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Help to trace lost pensions

Can someone please give me so me advice?

Here I am, 55 in January (female) and have, over the years taken out and frozen haf a dozen private pensions. Due to moving house and jobs, broken marriages, you know how it goes I have lost track of them.

I e mailed the free pension tracking service who called me last night and they advised me to ring hrmc or dwp, give them my national insurance no and they will be able to provide me with the names of the pension providers who hold the funds. Then I should ring the pension tracing service, provide them with the info and they will trace them? Is it really as simple as that? I think the answer is probably no!

Any advice or guidance will be greatly appreciated; I have other, more straightforward questions but am in a bit of a rush as I start work soon, so will check in at lunchtime to see if I have any replies.

Thanks in advance for reading and for any replies
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Comments

  • dunstonh
    dunstonh Posts: 120,158 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I e mailed the free pension tracking service who called me last night and they advised me to ring hrmc or dwp, give them my national insurance no and they will be able to provide me with the names of the pension providers who hold the funds. Then I should ring the pension tracing service, provide them with the info and they will trace them? Is it really as simple as that? I think the answer is probably no!
    That is what you do and its that easy.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • dorothy52
    dorothy52 Posts: 457 Forumite
    Blimey that's a relief. I will call them tonight and come back tomorrow if that's okay , as no doubt I will have more questions.

    Thanks so much for your reply:j
  • dorothy52
    dorothy52 Posts: 457 Forumite
    Flippin heck - you were right! HRMC told me that I had opted out of serps in 1989 (which we all did at work as we were told to) and opted back in in 2009 which I don't remember doing. I have a pension pot which at todays rate is worth nearly 32000 and I can therefore apparently draw 25% of it when I am 55 and buy a small annuity with the rest! I am in shock and don't know where all this money has come from There are still several other pensions that I have paid into sporadically over the years, however apparently this is the only one that was lined to my NI no, so I have to try and trace these myself - wish me luck with that.
  • dunstonh
    dunstonh Posts: 120,158 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    and opted back in in 2009 which I don't remember doing.

    probably automatic. The tied agent sold pensions typically contracted people back in around 2001-2010 automatically or where you got into your 40s.
    I can therefore apparently draw 25% of it when I am 55 and buy a small annuity with the rest!

    It is rare to actually do that at 55 even if you can. It is usually cost effective to wait until your 60s and retirement.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • dorothy52
    dorothy52 Posts: 457 Forumite
    Dunstonh thank you so much for taking the time to reply, can I please ask your opinion on a related matter?

    OH is well set up with company and private pensions, we own outright and until recently I worked pt and my state pension at current level would replace my small salary. I now work ft and have been invited to join my companies pension scheme. I can (and can afford to) invest 10% of my 18k salary and company will match this. Given that I will retire in 11 or 12 yrs would you recommend me joining the pension scheme or saving in cash isa? I can afford to do both (am planning to spend rest of working life saving 5 or 6k a year to give myself a nest egg.

    What do you think?
  • xylophone
    xylophone Posts: 45,738 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Given that I will retire in 11 or 12 yrs would you recommend me joining the pension scheme or saving in cash isa? I can afford to do both (am planning to spend rest of working life saving 5 or 6k a year to give myself a nest egg.

    I cannot see any reason why you would want to turn down the employer contribution by not joining the scheme - it equates to turning down tax relieved salary?

    In view of your pensions history, it might be worth seeing an independent unrestricted financial adviser to check out whether it might be worth combining them into one plan, SIPP etc.

    With regard to your state pension, you will fall into the new scheme?
    http://www.ft.com/cms/s/0/3fed89b2-9...#axzz2O5tzZbzK
    http://www.dwp.gov.uk/docs/single-tier-pension.pdf
  • dorothy52
    dorothy52 Posts: 457 Forumite
    Thanks Xylophone, will look at those links in a bit. No idea what a sipp is, will have to do some research. Thank you again for your reply - I really appreciate it
  • atush
    atush Posts: 18,731 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    You should definitely join the new pension.

    And as D says, despite the fact that you Can draw the other pension age 55, if you are working you don't need it so shouldn't.

    Let us know how it goes tracing the other pensions. Start by calling up the old companies and asking for HR dept. Know the dates you worked there.
  • jamesd
    jamesd Posts: 26,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Join the new pension. It's free extra money and that's hard to beat!

    A SIPP is just a form of personal pension. It has some extra investment options like being able to hold shares directly that aren't normally available in the lower cost pensions. Do it yourself pensions where you do lots of investing work are often the SIPP type because the extra options tend to be popular with those who are keen. Not good or bad particularly, just some extra options for those who know how to use them.
  • dorothy52
    dorothy52 Posts: 457 Forumite
    Thank you atush, I certainly will let you all know how I get on re the other pensions
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