DWP launches £400m lost pension tracing service

DWP pension tracingA new DWP website has been launched by the Pension Tracing Service to help people more easily and quickly locate their lost pension savings.

The site helps users find workplace and personal pensions by directing them towards employers, schemes or providers, although it does not tell individuals the value of their pots or whether they actually have benefits within them.

The DWP estimates there is currently £400m in unclaimed pension savings.

Minister for pensions, Baroness Ros Altmann says: “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 at www.gov.uk/find-pension-contact-details.

“Our wider pension reforms are creating a dynamic market where people have greater freedom and flexibility over their savings, and we expect our reforms will increase demand for the Pension Tracing Service.”