Posted on October 17th, 2010 | Categories - Pensions
Thousands of people have reclaimed their lost pensions through a tracing service launched by the government.
The Pension Tracing Service (PTS) has helped over 350,000 in its five year history and assisted a fifth in finding their lost pensions, according to a recent survey. Roughly 7% of people who used the service received a massive lump sum of more than £20,000 and about 5% received a weekly figure of over £100.At the lower end of the scale, the average person received a lump sum of £1,900 or £16 a week.
Over 60% of the participants in the survey said they had lost track of their pension after changing jobs. Others said a change of address or an employer name change had led to confusion.
Pensions Minister Steve Webb said: “People need to make sure they’re claiming everything they’re entitled to in retirement. If you think you may have had a pension in a previous job or you once paid into a personal scheme that you had forgotten about, then the Pension Tracing Service may be able to help you to recover the money you invested”.
The PTS is run by the Department for Work and Pensions and has a database of over 200,000 occupational and personal pension schemes, which can be searched through to find lost pensions and payments for members of the public who have paid into retirement packages.