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10 May 2016

New service traces lost workplace pensions

A new service has been launched to help people get their hands on their lost pension savings more easily.

It is estimated that there is a total of around £400 million worth of unclaimed pension savings tucked away.

The free online Pension Tracing Service has been launched by the Department for Work and Pensions to help people keep track of their money.

Pensions minister Baroness Ros Altmann expects the service to be well used as a result of automatic  enrolment  and the new pension freedoms. 

She says with the typical person having 11 jobs during their working lives, they could have multiple workplace pension schemes to keep tabs on. 

The new service includes a database holding details of over 320,000 pension scheme administrators. That, adds Baroness Altmann, should help people locate any lost savings more swiftly and easily.

Having entered  a former employer's details, users will be told how to contact pension schemes they might have contributed to. 

The service can be accessed via www.gov.uk/find-pension-contact-details.

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