The Pension Tracing Service
The Pension Tracing Service is a government-run organization that provides information about pensions. They can provide you with details on what funds are available to you, how much money you will receive when you retire, and even who your pension provider is!
The Pension Tracing Service is available to anyone who needs information about their pension plan. You can submit your contact details online or use the phone number that they provided on the website. The service provides you with an instant response, and in most cases, a detailed profile of your pension providers will be sent within 24 hours!
It also includes which company handles payments since different people may have other companies managing these aspects of their retirement. This helps individuals keep track of how much money they’ll be receiving in retirement.
But wait, there’s more.
The Pension Tracing Service also assists with a lost pension claim form -a report is generated, which provides details about the person’s previous employment and any other information which may be needed to support their application for a new pension.
This service will then ensure that all documents sent are accurate and up to date so it can proceed as quickly as possible with your request!
Alongside this, if someone has passed away and has had an occupational or personal pension set up, the Pension Tracing Service can help locate these pensions on behalf of beneficiaries.
How To Trace A Pension?
Go to the Pension Tracing Service1 website. It has a dedicated section for tracing pensions.
Enter your personal details, so they know where to begin looking. This includes information such as date of birth and National Insurance Number2 if available. If not, enter any other identifying information that may be known about you or your pension scheme.
They’ll then look into their database and find all matching records in order to provide an accurate response on whether or not they can trace your pension and how to do so.
The Pensions Authority will get back in touch with you and provide an answer on whether or not they can trace your pension and what must happen next if they are successful. If there are no matching records found, then, unfortunately, they won’t be able to help at the present time.
If there is no response after two weeks, it means either:
- The Pension Tracing Service wasn’t able to find out about your pension or
- Your email address isn’t valid anymore (e.g., if it was an old one)
In such cases, try using another valid email address or phone number that may still be active instead! If all else fails, please contact your pension provider.
Using The Pension Tracing Service
You can use the Pension Tracing Service to find out about a pension that you used to contribute to. You’ll need to provide the name of your previous employer, and personal details of how much you contributed:
- Your date of birth
- The year in which you left the company (this should be within five or ten years before now) and
- How long did you work for them?
The service will search through all our records and find the details of your pension. You’ll then be able to contact them directly or go in-person, and they’ll tell you how much money is in your pot which will affect how much you’ll receive as monthly assistance.
The Pension Tracing Service will charge an administration fee for the service, which can vary depending on a number of factors, including:
- The amount that was paid into it when you were working there and
- How long did you work for them?
The average cost tends to come out at around £50, but this may change if any other factors apply. It should also be noted that only one request can be made per year so please bear this in mind before using it too many times!
What happens to my pension when I die?
When someone dies and they have a private personal pension, the Pension Tracing Service will contact you if you are listed on their records as an heir. The service is also available for public sector pensions such as NHS or Teachers’ Pensions.
Can I cash in my pension?
You can cash in your pension, but you need to check with the provider first. You would also usually have to pay an amount of tax on it.
Is The Pension Tracing Service Free?
The Pension Tracing Service is free but you need to be the executor or beneficiary of the pension scheme as well as have a death certificate and the date of the person’s death.
How does The Pension Tracing Service work?
Pension Tracing Service is a searchable database that contains information on pensions that were transferred to the UK government under international social security agreements. This includes details about where current payments are being made, and any lump sums or other benefits paid by these countries abroad since 1983. The service also holds records of some overseas state pension schemes registered in the UK.
The Pension Tracing Service is an invaluable resource for any pension holder. Described as “a one-stop-shop” by most experts in this field, it assists with locating pensions that have been set up but haven’t yet been paid anything from due date calculations and payouts made to beneficiaries following someone’s passing away.