Finding out where pensions are at from previous employers

Potbellypig

I'm late 30s and haven't paid into a pension since going self employed 8 years ago. I had PAYE jobs before this which I paid into pensions for but never took really any notice of this. I have paid national insurance contributions all my working life so far so from what I can work out I'll be entitled for state pension in 30 years time.

How do I go about finding out how much I have in a pension from these previous employers? I assume it'll be pretty much worthless but interested none the less.

Potbellypig

Another question too - does any further private pension I have by that time effect state pension or does it just add to the total?

squirrelpie

Potbellypig said:

How do I go about finding out how much I have in a pension from these previous employers?

You should have documentation from each of the employers that contain contact details. If you don't have that for some reason then contact the employers and ask for it.

Potbellypig said:

Another question too - does any further private pension I have by that time effect state pension or does it just add to the total?

It just adds to the total.

Marcon

Potbellypig said:

I'm late 30s and haven't paid into a pension since going self employed 8 years ago. I had PAYE jobs before this which I paid into pensions for but never took really any notice of this. I have paid national insurance contributions all my working life so far so from what I can work out I'll be entitled for state pension in 30 years time.

If you were in defined contribution schemes, you'd be getting annual updates.

If you were in a defined benefit scheme, you'd be getting an annual summary funding statement (a general document givinging the overall health of the scheme, not any personal details). 

If you've not getting the above, then your starting point is ensuring your pension providers have your current contact details. If you can't find any info on who they are, but can remember the (reasonably precise) names of your employers, try https://www.gov.uk/find-pension-contact-details

Potbellypig said:

How do I go about finding out how much I have in a pension from these previous employers? I assume it'll be pretty much worthless but interested none the less.

Never underestimate the power of compound interest...!

Potbellypig said:

Another question too - does any further private pension I have by that time effect state pension or does it just add to the total?

Depends if you had any periods of 'contracted out' service - and given your age, that's possible. Getting a state pension forecast would confirm that point: https://www.gov.uk/check-state-pension and see if you have a 'COPE' figure shown.

Pat38493

Marcon said:

If you were in a defined benefit scheme, you'd be getting an annual summary funding statement (a general document givinging the overall health of the scheme, not any personal details). 

Is this true even if they are a deferred member?  I have a deferred DB scheme and I never receive any annual updates from them - I only ever receive communication from them if something special is happening like GMP equalisation or buy out.  However with mine the whole scheme was deferred for everyone - maybe it's different if you are an individual deferred member of an active scheme?

Marcon

Pat38493 said:

Marcon said:

If you were in a defined benefit scheme, you'd be getting an annual summary funding statement (a general document givinging the overall health of the scheme, not any personal details). 

Is this true even if they are a deferred member?  I have a deferred DB scheme and I never receive any annual updates from them - I only ever receive communication from them if something special is happening like GMP equalisation or buy out.  However with mine the whole scheme was deferred for everyone - maybe it's different if you are an individual deferred member of an active scheme?

There is a requirement to provide a SFS (roughly annually) automatically to all members of an ongoing* defined benefit scheme, unless the scheme has fewer than 100 members in total (active members, deferred members and/or pensioners), in which case the scheme is exempt from the requirement.

*'ongoing' means until the scheme reaches buy-out and is wound up

Pat38493

Marcon said:

Pat38493 said:

Marcon said:

If you were in a defined benefit scheme, you'd be getting an annual summary funding statement (a general document givinging the overall health of the scheme, not any personal details). 

Is this true even if they are a deferred member?  I have a deferred DB scheme and I never receive any annual updates from them - I only ever receive communication from them if something special is happening like GMP equalisation or buy out.  However with mine the whole scheme was deferred for everyone - maybe it's different if you are an individual deferred member of an active scheme?

There is a requirement to provide a SFS (roughly annually) automatically to all members of an ongoing* defined benefit scheme, unless the scheme has fewer than 100 members in total (active members, deferred members and/or pensioners), in which case the scheme is exempt from the requirement.

*'ongoing' means until the scheme reaches buy-out and is wound up

OK well actually I thought you meant a statement of my personal benefits.  If you just mean a letter stating the overall health of the scheme, I think I do receive those occasionally but it doesn't feel like it's annually - I will check my files later.

Marcon

Pat38493 said:

Marcon said:

Pat38493 said:

Marcon said:

If you were in a defined benefit scheme, you'd be getting an annual summary funding statement (a general document givinging the overall health of the scheme, not any personal details). 

Is this true even if they are a deferred member?  I have a deferred DB scheme and I never receive any annual updates from them - I only ever receive communication from them if something special is happening like GMP equalisation or buy out.  However with mine the whole scheme was deferred for everyone - maybe it's different if you are an individual deferred member of an active scheme?

There is a requirement to provide a SFS (roughly annually) automatically to all members of an ongoing* defined benefit scheme, unless the scheme has fewer than 100 members in total (active members, deferred members and/or pensioners), in which case the scheme is exempt from the requirement.

*'ongoing' means until the scheme reaches buy-out and is wound up

OK well actually I thought you meant a statement of my personal benefits.  If you just mean a letter stating the overall health of the scheme, I think I do receive those occasionally but it doesn't feel like it's annually - I will check my files later.

Please look again at what I actually wrote: 'a general document givinging the overall health of the scheme, not any personal details.'

They aren't necessarily annual, because sometimes one statement covers both the results of the latest triennial valuation and the next year's actuarial review figures - again, hence my use of the words 'roughly annually'. 

squirrelpie

Potbellypig said:

Another question too - does any further private pension I have by that time effect state pension or does it just add to the total?

Marcon replied:

Depends if you had any periods of 'contracted out' service - and given your age, that's possible. Getting a state pension forecast would confirm that point: https://www.gov.uk/check-state-pension and see if you have a 'COPE' figure shown.

Are we talking about the same thing? I take 'Any further pension I have by that time' to refer to benefits arising from future pension contributions. There is no way previous periods of contracted out service can affect those benefits.

LHW99

squirrelpie said:

Potbellypig said:

Another question too - does any further private pension I have by that time effect state pension or does it just add to the total?

Marcon replied:

Depends if you had any periods of 'contracted out' service - and given your age, that's possible. Getting a state pension forecast would confirm that point: https://www.gov.uk/check-state-pension and see if you have a 'COPE' figure shown.

Are we talking about the same thing? I take 'Any further pension I have by that time' to refer to benefits arising from future pension contributions. There is no way previous periods of contracted out service can affect those benefits.

They do affect your starting amount for the new state pension, as calculated in 2016. That in turn would probably affect how many years you actually need to contribute to reach the maximum NSP.

If you hope to retire early, that could be relevant.

squirrelpie

Potbellypig said:

Another question too - does any further private pension I have by that time effect state pension or does it just add to the total?

That is the question the OP asked that we are trying to answer. Private pensions do not affect the state pension. Full stop. In the past they might have had an indirect effect via 'contracting out', but that is no longer the case and hasn't been for several years. Further private pensions do not now affect the state pension.