Government launches online pensions tracing service

pension-potThe Department for Work and Pensions (DWP) has launched a new website to help people locate their pension savings.

The new website from the Pension Tracing Service allows users to find information about workplace pension schemes they may have contributed to by entering former employers’ details into an online database.

The database includes contact details for more than 320,000 pension scheme administrators.

According to the DWP, there is an estimated £400 million in unclaimed pension savings.

In 2015-2016 the Pension Tracing Service received 169,000 tracing requests. The service has seen a 436% increase in tracing requests over the last 10 years.

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 workplace 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.”

Tom McPhail, head of retirement policy at Hargreaves Lansdown, added: “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.”