Step 1 - Find your pension

The average person in the UK can expect to change jobs 12 times during their career. So in addition to the pension arrangement you provide, your scheme members are likely to have multiple ‘pots’ of retirement savings they need to consider when making their retirement plans.

The first step sounds the easiest but may still not be straightforward for many of your scheme members.

Even if they can remember the name of each of their employers through their working life, what if that employer no longer exists? They may have changed their name, merged with or been taken over by another company, or they may have simply closed.

The same can be said of the administrator of the pension scheme, there have been numerous mergers and acquisitions of pension administrators in recent decades.

So even finding a leavers statement from an old employer’s pension arrangement may not be the end of the search for your scheme members.

It is therefore not surprising that the Government estimates that there are £400 million in unclaimed pension savings.

Add to this the complexities around the State Pension, especially for women affected by the State Pension Age equalisation process and suddenly it’s easy to see why Step 1 in the process may be a daunting challenge for any scheme member.