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UK Launches Website to Trace £400m in Unclaimed Pensions

The UK’s Department for Work and Pensions (DWP) has launched a new pension tracing website to help savers track down lost or forgotten retirement pots. The DWP estimates that around £400m of unclaimed pension savings are waiting to be claimed.

Users will need the name of an employer or provider to access the service, which will then search a database of 320,000 pension scheme administrators and come up with contact details for people to use.

The department believes that recent reforms in the UK, allowing people unrestricted to access to their pension savings, will drive demand for the pension tracing service.

Pensions minister Ros Altmann said: "People have had on average 11 jobs during their working life which can mean they have as many workplace pensions to keep track of. The new DWP online service helps reunite people with their lost pensions, giving details of providers to help people track them down."

I always recommend that clients fully understand the pension transfer process, how their funds will be invested and the tax implications before committing to transferring their UK pensions to NZ. This is why I refer to David Hayes at stockbrokers Hamilton Hindin Greene for investment advice.

If you are considering transferring your UK pensions to New Zealand please do get in touch and I can discuss the various options with you – You can also order our latest, comprehensive New Zealand Pension Guide from our website

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