Lost Pension Tracing

John_789

Hello, I would be grateful for any advice to help me trace a lost pension. Here is a brief summary of what happened and what I have done so far:

In 1988, I started working for a company called Freeman Chemicals Ltd and paid into a final salary company pension from 1988 to 1993

Around 1989, Freeman Chemicals was taken over by a large Dutch company called DSM Resins, and operated as a UK subsidiary called DSM Resins UK Ltd.

I left DSM Resins UK Ltd in 1993

DSM ceased operations in the UK sometime around the early 2000’s (Although they still operate in the Netherlands) and the UK pension fund was transferred to HSBC Actuaries and Consultants, 36 Ridgemont Road, St Albans.

I moved house in 1995 and then again in 1996 and lost contact with the pension provider.

Recently, having now reached my 50’s I decided it would be a good idea to trace my old pensions. I used the government tracing service to trace this particular pension.

When I first tried tracing the pension the government website gave me the following contact details for the scheme: JLT Actuaries & Consultants Ltd, The St Botolph Building, 138 Houndsditch, London, EC3A 7AW.

After some googling I discovered that HSBC had sold HSBC Actuaries to JLT in 2009.

So I wrote to JLT Actuaries and heard nothing back. I wrote to them again and heard nothing back.

I was just about to write to them for a third time, but I decided to check the government tracing website again first. It has just given me the following contact details for my pension: HSBC Actuaries and Consultants, 36 Ridgemont Road, St Albans.

I have just done some googling and it appears that the building at 36 Ridgemont Road has bene converted into luxury flats and is now called Ridgemont Plaza. So obviously it won’t do me any good writing to that address! Especially considering that HSBC Actuaries was sold in 2009.

I would greatly appreciate any advice on what my next move should be. Searching on the internet just reveals the same advice which is along the lines of “Use the Government tracing website and write to the pension provider”.  Beyond that, I can’t find any further advice.

This gives rise to a bigger question. We are told that millions of pounds that are sitting in “lost pensions” and that we should trace our old pension schemes, but how much is owed to people like me who are finding it difficult to actually trace the correct provider and are then ignored? Is part of the reason that so much money is sitting in these “lost” schemes due to the management companies being sold and it becoming increasingly difficult for people to trace their money?

Marcon

John_789 said:

This gives rise to a bigger question. We are told that millions of pounds that are sitting in “lost pensions” and that we should trace our old pension schemes, but how much is owed to people like me who are finding it difficult to actually trace the correct provider and are then ignored? Is part of the reason that so much money is sitting in these “lost” schemes due to the management companies being sold and it becoming increasingly difficult for people to trace their money?

The major reason is people failing to let former pension schemes know when they move house, making it difficult or often impossible for the pension provider to track them down and pay their pension when it falls due. Hopefully that problem will diminish as more people provide mobile numbers (and e-mails which they then keep for life - worth setting up an internet e-mail address for just such a purpose).

Give JLT a ring: 44 20 7528 4444

If you still find yourself going round in circles, get in touch with TPAS, who are fully familiar with the saga of who took over what in terms of actuarial and benefit consultancies and should be able to help: https://www.pensionsadvisoryservice.org.uk

xylophone

When you left the company were you given a statement of deferred benefits?
 And/or were you receiving statements up to 1996?
 Above are almost  certain to show to show a Scheme Reference/ Scheme Member number which may help when you reach JLT.
Have you obtained a State Pension Forecast?
https://www.gov.uk/check-state-pension

dunstonh

This gives rise to a bigger question. We are told that millions of pounds that are sitting in “lost pensions” and that we should trace our old pension schemes, but how much is owed to people like me who are finding it difficult to actually trace the correct provider and are then ignored? Is part of the reason that so much money is sitting in these “lost” schemes due to the management companies being sold and it becoming increasingly difficult for people to trace their money?

Pension companies spend millions of pounds every year tracing people.  Its expensive and time consuming.    Generally, they wait until closer to the scheme age in the hope the person will decide to update them with the correct address.

John_789

Hi, Thanks for the replies.
Yes, my bad for not informing the pension provider of my change of address, totally my fault.  It just slipped my mind as I have had a lot of other stuff to deal with over the years and this was a small part of my overall pension pot.  I have no idea where the old statements are. I have moved house again since 1996 and stuff tends to get lost when you move. It was a long time ago. Thanks for the phone number, I had not managed to find one for them, I can't find a website, just some info on companies house.
Flipping heck, it's all my fault eh?

dunstonh

Flipping heck, it's all my fault eh? 

You may not like it but yes.

Marcon

John_789 said:

Flipping heck, it's all my fault eh?

You are far from alone! It's not exactly top of the list of priorities when you're moving house - but as you've just found, it gets trickier the longer you wait.

xylophone

Was this the only DB Scheme of which you have been a member?
What does your state pension forecast show in respect of a COPE?

xylophone

Were you a member of the DSM UK Pension Scheme?
I was looking at this - it would seem that your old employer had worldwide interests, even if there is no UK operation.
https://annualreport.dsm.com/ar2018/en_US/review.html

Materials

DSM's Materials cluster comprises DSM Engineering Plastics, DSM Dyneema and DSM Resins & Functional Materials. DSM is a global player in specialty plastics for the electrical components and electronics, automotive, flexible food packaging and consumer goods industries. Our portfolio also includes Dyneema®, the world's strongest fiber™, for protective solutions and commercial marine applications, as well as resins for use in paints, industrial applications and optical fiber coatings, Niaga® technology for circular design, and advanced materials for additive manufacturing/3D printing applications.

DSM UK Pension Scheme

The DSM UK Pension Scheme was closed as of 30 September 2016 for all pension accruals. An unconditional indexation policy is applicable for the vested pension rights. The weighted average duration of the defined benefit obligation is 19.4 years (2017: 20.7 years), which could be seen as an indication of the maturity profile of the scheme.

The pension plan is managed and controlled by a DSM company pension fund. The Board of Trustees consists of representatives of the employer and the employees who have an independent role. Following judgement in the Lloyds case (October 2018) with respect to Guaranteed Minimum Pensions (GMP), DSM estimated that equalization of GMPs will increase the liabilities by approximately 0.6%. As agreed during the 2015 valuation DSM pays an annual recovery contribution of GBP 1 million into the plan. There are two company guarantees in place: (1) a guarantee from DNP AG (capped at GBP 14 million) related to the 2012 valuation, and (2) a guarantee from Royal DSM (capped at GBP 11 million) related to arrangements with respect to former UK divestments. There is a long-term de-risking strategy for the DSM UK Pension Scheme in place with the objective to align the company's intentions and the Trustees responsibility with respect to this plan. The current funding level, based on local standards, is estimated at 98% (2017: 103%).

And see https://www.dsm.com/corporate/news/news-archive/2020/30-20-dsm-announces-sale-of-resins-and-functional-materials-businesses.html

DSM announces sale of Resins & Functional Materials businesses

Heerlen, NL, 30 Sep 2020 08:00 CEST

Thrugelmir

According to companies house the company was dissolved yesterday the 16th March.  Hasn't filed accounts since 2019. 

Edit.
Seems as if JLT was acquired by Marsh & McLennan Companies in 2019. 

Head office is at

142-149 Fenchurch Street

London, UK EC3M 6BV

020 7357 1000

hyubh

John_789 said:

DSM ceased operations in the UK sometime around the early 2000’s (Although they still operate in the Netherlands) and the UK pension fund was transferred to HSBC Actuaries and Consultants, 36 Ridgemont Road, St Albans.

The pension fund wouldn't have been transferred to HSBC Actuaries and Consultants, but the administration of the scheme quite possibly was. Once admin of a DB scheme is outsourced to a TPA (third party administrator), it's not uncommon for the trustee to change admin supplier again (and sometimes again) over time. Googling suggests the current TPA is Willis Towers Watson - drop the guys and gals at Redhill a line:

https://www.willistowerswatson.com/en-GB/Contact-Us

In the first instance, you want to find out if they do, indeed, administer the DSM UK Pension Scheme, then if so, if they have a record for you.

If not, then as another responder has alluded to, JLT (which was a rather large organisation itself, the former HSBC Actuaries and Consultants being a pinprick) was itself swallowed up by Marsh McLennan (Mercer in the UK):

https://www.uk.mercer.com/contact-us.html