Pensions are a topic we should all be aware of. It finances our future self, after all.
It is very common for people to lose track of their pension
pots or, worse, to not even be aware that they have one! In the UK, there is
£20bn of unclaimed pension money today and it’s only going to grow due to
auto-enrolment and people frequently changing jobs.
People do not realize that it is important to let their
pension provider know when they change their address. They also do not realize
that they have a separate pension pot with each employer, and when they change
jobs, they get a different pension too.
There are several ways you can find your lost pension with
your NI number. This number is a unique number to you for the purpose of tax
and NI contributions reporting. Of course, basic contact details are essential
as well, but the NI number is the most important one to have in hand.
How do I find out if
I have a pension from an old job?
As there are three types of pension
- A State Pension
- A personal pension
- A workplace question
It is important that you check whether you have unclaimed
money for all three.
You are entitled to a State Pension when you’ve been
employed in the past and made National Insurance contributions. If you haven't
paid taxes before and instead earned a salary below the tax threshold, you are
not entitled to a State Pension. Therefore, you need to look at your past
payslips to figure out whether you've made NI contributions.
It is worth noting that the value of your State Pension is
set to a maximum of £179.60 per week, as of 2021. All you have to do is
determine whether you are entitled for it - based on NI payments and an age
threshold of 68.
In terms of a personal pension pot, you'll be aware if you
have one as it was arranged by you - or from your employer for you. It's a rare
occurrence that someone forgets their personal pension as it resembles a
personal savings account. However, if it is lost, it is possible to find it by
providing your contact details and your NI number to your pension provider.
Lastly, you can find out if you have a pension from an old job by:
- Contacting your previous employers
- Contacting your pension providers
- Using the Government's pension tracing service.
It is better if you can provide as much detail as you can to
track your pensions, but it is also possible and easy to find your pension with
just your NI number.
Contact your past
employers and pension providers
Your past employers can inform you on who your workplace
pension providers are in order to trace your pension pots from each job you've
had in the past. By providing your NI number and your contact details, you'll
find out who your pension provider is and what your unique pension number is.
Then, you are able to contact these pension providers
individually, trace your pots and start earning your pension.
Government pension
tracing service
This service has been set up by the Government to help
people who have lost track of their pensions easily find them - or even
discover new pots that they were not aware of! To trace your old pensions
through HMRC you need to have at hand the name of your past employer or your
past pension provider.
However, some consider this service considerably outdated as
you can only find out the contact details of your pension providers - which
might be wrong in some cases. You need to contact each pension provider
yourself, or even find their correct details, and locate your pension pots as
well as their value.
How Raindrop can help
you
While the Government's pension tracing service does a
superficial job in finding your lost pensions, Raindrop’s service goes to many
lengths to find your pensions; not just the contact details of the providers.
Raindrop is not a faceless service. We are here to help you
sort out your financial turmoil, plan your retirement and manage your money -
starting from finding your old pensions together.
To use Raindrop's pension tracing service, all you need is
your NI number and some basic information. We pride ourselves in providing an
easy and straightforward pension finder that does not need too much information
from you in order to trace your pensions.
We understand how time-consuming and stressful it is to try
and locate all your pensions. But we are here for you at every step; you can
call us as well as get regular updates during the tracking process - only human
interactions with a company that wants to help you.
With a click of a button, our simple technology allows our
customers to transfer all their pension pots in one place. You are now able to
see your saved money and be in control.
Pensions are already an intricate matter, but Raindrop makes
it easy and stress free!
What should I do to
make sure I don't lose my pension?
It is a very common issue to lose a pension - you are not
the only one.
Whenever you change address or job, your pension provider also changes. To ensure that you don't lose track of them, you should:
- Inform your pension provider that you moved house and changed address
- Keep a note of all your pension providers and pots throughout your career or you can give yourself peace of mind and trust Raindrop.
Raindrop gives its customers reassurance not only by
consolidating all pensions in one place but also by providing 24/7 balance
visibility of your pensions. You can keep track of all your pots in one place
and never have to worry again about the whereabouts of your life savings.
Find your old
pensions with Raindrop
It is never too late to take control of your financial
future and start planning your retirement. In fact, it should be done as soon
as possible.
With Raindrop you have a clear picture of where your
hard-earned money is saved. This allows you to plan your financial future even
better, and become financially stable.
Our simple online dashboard will ensure you are always on top of your retirement finances.
No comments:
Post a Comment