Personal Pension  

DWP tries to help with pension tracing

DWP tries to help with pension tracing

The Department for Work & Pensions has launched what it called “a pension tracing service” to help people find their lost pension savings.

When contacted by FTAdviser and asked what the service does, a spokesman for the DWP revealed it allows individuals to type in the name of a company they worked for.

The online service will then show if the firm offered a pension scheme and highlight contact details for that scheme.

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The system does not confirm that the individual did have a pension with that employer.

According to the DWP currently there is an estimated £400m in unclaimed pension savings.

Baroness Ros Altmann, minister for pensions, said: “People have had on average 11 jobs during their working life which can mean they have as many work place pensions to keep track of.

“The new DWP online pension tracing service helps reunite people with their lost pensions, giving details of providers to help people track them down.

“I’d encourage anyone who thinks they may be missing out on any savings to use the free online service.”