How to bring your old workplace pensions all together

Following National Pension Tracing Day, it’s the right time to take stock on retirement and the issue of lost and forgotten pensions.

It is estimated that 43% of the UK population, around 14.6 million people, are undersaving for retirement. To help address this, the Government introduced auto-enrolment into workplace pension schemes in 2012. Under this system, eligible employees are automatically signed up to a pension scheme, with both employers and employees required to contribute. Combined, the minimum contribution is currently set at 8% of qualifying earnings each year.

While auto-enrolment has encouraged millions more people to save for retirement, it has also created a new challenge, keeping track of multiple pension pots. Every time you change jobs, your new employer may set up a new workplace pension for you. However, pensions do not move automatically when you switch employers, they remain with the provider your old employer selected, quietly growing in the background until you decide to transfer or consolidate them.

This means that over the course of a typical career, it’s easy to lose track of where your pensions are held. In fact, research shows that the average person in the UK will have nine different jobs across six different employers during their working life. If each job came with a new pension, that could mean juggling multiple pension schemes scattered across different providers.

Another reason some people need to find a lost pension may be that they opted out of the State Earnings-Related Pension Scheme (SERPS) in the 1980s and 1990s. Opting out meant that your National Insurance contributions were redirected into a private pension, which could have been invested elsewhere on your behalf. Over time, these pensions may have been forgotten or become difficult to trace, particularly if you changed jobs or providers. Many people are unaware that they might still have money sitting in one of these schemes, and need expert help to track it down.

The scale of the problem is significant. It is estimated that there are currently 3.3 million ‘lost’ pensions in the UK, worth a combined £31.1 billion. These are pensions that people have forgotten about or can no longer trace back to the provider, meaning they may be missing out on money that could make a real difference to their retirement income.

Keeping track of your pensions is essential

Not knowing where your pensions are or how they’re invested can have a serious impact on your long-term financial wellbeing. Each pension is likely to have a different investment strategy, level of risk, and fee structure, which can directly affect your returns. Without visibility, you may unknowingly hold investments that no longer match your goals, are underperforming, or carry higher fees than necessary.

Over time, these inefficiencies can erode your savings and make it harder to reach your desired retirement lifestyle. That’s why keeping track of your pensions is essential for effective retirement planning. It allows you to make informed decisions, optimise your investments, and ensure your money is working in the best possible way for your future.

The good news is, if this situation sounds familiar, there is a simple solution. At Moneyfarm, we offer a Pension Find, Track and Transfer service designed to take the hassle out of locating and managing your pensions. All we need from you is some basic information about your previous employers, such as the years you worked there and where the business was based.

From there, our team of in-house pension specialists will do the hard work on your behalf. We’ll track down your old pensions, recover the details, and, if you choose, transfer them into a Moneyfarm account tailored to your needs and long-term goals, all for free.  Standard Moneyfarm pension fees apply once your pensions are consolidated with us.  

Not only does this make your retirement savings easier to manage, but it also gives you full visibility and control through our mobile app, so you can see all your pensions in one place, with a clear view of how your investments are performing.

But we don’t stop at just finding your pensions. Our service also checks for any valuable features that you may not want to lose. This includes:

• Guaranteed annuity rates
  
• Enhanced or protected tax-free cash entitlements
  
• Exit penalties on transfers
  (Please note: if any of your existing pension penalties are over £50, one of our team will contact you before the plan is transferred.)

Before transferring, it’s important to check that doing so is in your best interests. In some cases, transferring may mean giving up valuable benefits or guarantees.  

Bring your pensions together under one roof

We’ll make sure you know exactly what your situation is before any pension is moved, so you can make the best possible choice for your future.

By finding your lost Pensions, and bringing them together under one roof, you can simplify retirement planning and gain a clear view of your financial future. Consolidation helps reduce fees, align your investments with your goals, and keep your savings working efficiently for you.

Start today with our free Pension Find, Check, and Transfer service, and take control of your retirement with confidence.

Important information: Capital at risk. The information in this article is provided for general information and does not constitute personal advice or a recommendation to transfer your pension. Pension transfers may not be suitable for everyone and could mean losing valuable benefits. The Pension Find, Check and Transfer service is free; Moneyfarm account fees apply once your pensions are transferred. Moneyfarm is authorised and regulated by the Financial Conduct Authority.