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05

Government service helps 145,000 trace 'lost' pension pots

Open-access content Thursday 8th May 2014 — updated 5.13pm, Wednesday 29th April 2020

A free ‘pot follows member’ government service has given almost 145,000 people in the past year access to occupational and personal pensions that they would have lost track of, the Department for Work and Pensions said today.

By 2018, all employers are required to provide workplace pensions, but with the average person having 11 jobs in their lifetime this could lead to 50 million dormant lost pension pots by 2050, the DWP warned.

The new Pensions Tracing Service allows pension pots of less than £10,000 to automatically move with a member as they changed jobs.

Pensions minister Steve Webb, said: 'With the new flexibilities announced at the Budget it is now even more important that people can access all of their pension saving. People who have already lost touch with a pension can use our free tracing service to track down their fund.

'Soon it will be the norm that when you move job your small pension pot moves with you.'

Webb said this would reduce the costs of providing pensions and help people plan for their future.

This article appeared in our May 2014 issue of The Actuary.
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