Over one million pension pots lay unclaimed from UK company pension schemes.
Scheme administrators refer to the owners of unclaimed pensions as gone-aways.
This means the scheme does not know where they are.
And if they don’t know where they are, they can’t pay them a pension.
What pension schemes think of our work:
"FindMyLostPension is a clever idea. Hopefully you can solve a problem we’ve had for years".
"The Trustees were sceptical about FindMyLostPension but last month we found eight lost pensioners via the Public Portal and two hundred and eleven gone-aways active at another scheme via the Private Portal".
"We are feeling very encouraged by the fact that, although we have only just started, we have already had 14 immediate matches on our portal".
"We believe it’s up to former members to keep in touch with us but we’re happy to sign-up and put a FindMyLostPension banner on our website".
"Our scheme has at least 4,500 gone-aways. Keeping track of them is time-consuming and expensive and as FindMyLostPension is neither of these things we are happy to take a year’s subscription".
And a bit more information:
Whenever we explain how FindMyLostPension.com works the typical response is:
"That’s a good idea."
Followed by : "But why would a pension scheme want to find lost pensioners? It’s not in the scheme's best interest is it?".
Well, actually it is beneficial to the scheme to find any lost members.
There are just over 6,000 company pension schemes in the UK. Held in those schemes are over 5 million deferred members (people who used to be part of the scheme, have left and are still owed a pension.) Our research has revealed that of these 5 million deferred members, schemes have lost track of over one million.
How could this happen? Well, a deferred member may:
- Change address without notifying the pension scheme
- Change their name (by marriage or deed-poll for instance)
- Move abroad
- Leave a spouse who does not realize they are entitled to a survivors pension
- Lose or be unable to find any paperwork or correspondence
- Be in a care home
- Be homeless
- Be living with their son or daughter
- Have cognitive or mental health problems
The FindMyLostPension.com database contains unclaimed pension pots worth £500 a year to pots worth £25,000 a year and tax-free lump sum payments of £35,000. Pension schemes derive no benefit from holding on to this money. The Pensions Regulator insists that UK pension schemes do everything they can to find their lost members.
As of 8th April 2015, FindMyLostPension has received the NI numbers of 625,999 lost pensions from 214 UK pension schemes.