Don’t forget your pension

When people move to a new job, they often move to a new pension plan. The problem is that they also ‘leave’ their old pension and can forget about it.

Although almost all pension plans send scheme members annual information, one of the most common reasons why people lose track of pensions not updating their contact details when they move house.

The Association of British Insurers estimates that more than 1.6 million pensions worth over £19.4bn are “lost”.

With 10 million people now auto-enrolled in workplace pensions, the issue is going to get worse.

If you move house, you should write to all your pension providers to tell them your new contact details. If the providers can’t be tracked down, you can get help from the government-backed Pension Tracing Service or by calling 0800 731 0193.