May 2016


DWP launches new Pension Tracing Service

The Pension Tracing Service have launched a new DWP website to help people find their lost pension saving. Currently there is an estimated £400 million in unclaimed pension savings. The new website has been designed to help people locate their hard earned savings for their retirement fund.

The wider pension reforms are creating a dynamic market where people have greater freedom and flexibility over their savings. The DWP expect the reforms will increase demand for the Pension Tracing Service. The free online service is simple to use and provides trace results immediately. Individuals enter their former employers’ details into the online database and are provided with contact details for pension schemes they may have paid into.

The new DWP website enables people to search a database of more than 320,000 pension scheme administrators.

Posted byCaoimhe ByrneinPayroll