A new DWP website has been launched to help people more easily and quickly locate their lost pension savings.
There is currently an estimated £400m in unclaimed pension savings. This is money people have previously saved for their retirement, and the new website will better help people to locate their hard-earned savings.
DWP says its wider pension reforms are creating a dynamic market where people have greater freedom and flexibility over their savings, something that it is expected will increase demand for the Pension Tracing Service.
Tried and tested
The new service is simple to use and provides trace results immediately. Individuals enter their former employers’ details into the online database and are provided with contact details for pension schemes into which they may have paid.
The new website has been tested with users, with 83% either ‘satisfied’ or ‘very satisfied’ with the service they received.
There were 169,000 tracing requests in 2015/16 (this covers the online service, agent referred, telephony and postal channels). Over the past ten years there has been a 436% increase in tracing requests.
Tom McPhail, head of retirement policy at Hargreaves Lansdown, said: “This is a welcome development; The Pension Tracing service will help people track down lost pension pots and can dovetail with the forthcoming development of the expanding Pension Wise service.
“The government and pensions industry is also working on the Pension Dashboard, which will help investors view all their pension pots in one place.
“We would like to see the government go further and to modify the terms of auto-enrolment to allow employees to select the pension into which their employer pays their pension contributions. This would help to put the individual at the heart of the pension system.”
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