The Pension Tracing Service that helps people find lost pension cash is undergoing a major expansion.
The free government service that helps people find lost pension cash is undergoing a major expansion, ahead of April’s ground-breaking pension freedoms.
The Newcastle-based Pension Tracing Service (PTS) will triple its number of staff – taking the total headcount to 49 – ahead of a rising number of calls from people seeking help to find lost pension pots.
Last year the service was contacted a record 145,000 times – double the amount in 2010 – and in an impressive 87% of cases, staff successfully managed to put customers back in touch with their lost pension provider.
With 98% of enquiries from members of the public dealt with in just 4 days, the government is determined to continue its excellent track record and do everything it can to ensure people have access to all of their money.
Minister for Pensions Steve Webb said:
“With people having an average of 11 different jobs during the course of their working lives, it can be very easy to lose track of pensions they may have built up with previous employers.
“If you contributed to a pension in a previous job and don’t have any details any more, it would be worth contacting our free PTS to see how you can be reunited with your lost pension pot.
“Whilst we have plans to help people combine their pension pots in future when they change jobs, there are still too many scattered and lost pensions, and we are working hard to make sure people get what they are entitled to.”
Jill Scott at the Pension Tracing Service said:
“Every day we take a huge amount of satisfaction through the work that we do in helping hundreds of people to track down money that is rightfully theirs. Helping people to find their hard-earned money means they can look forward to retirement in a much better position.
“While it may sound strange, losing track of a pension is easily done, as people tend to move around the jobs market far more frequently than might have been the case in the past.”
Independent research suggests that the most common reason for losing track of a pension is when an individual leaves an employer and does not keep them informed of any future changes of address.
Estimates suggest that there could be as many as 50 million dormant and lost pension pots by 2050.
From April the PTS will be complemented by the government’s free and impartial service Pension Wise, which will offer guidance to people over 55 about how they can make the most of the new pension freedoms once they take effect.
Around 300,000 individuals a year will be able to access their defined contribution pension savings, and Pension Wise will be their first port of call.
It is expected that many customers will be referred to the PTS to track down lost cash.