Pension Help - Where to start?

[YouLookLikeStevieNicks]

I'm 37 and I'm embarrassed to admit I'm completely lost when it comes to pensions.

The first job I remember paying into a pension was in 2014. I've had 5 jobs since then, with salaries ranging from 30k to 45k. I know I've always put in 5%, employer contributions have varied.

The thing is, with my previous jobs, I don't even know what companies they were with. To confuse things even more since 2014 I've got divorced and then remarried again. I did open a Moneybox account a couple of years ago and it said they could transfer all of my pensions, but then they said they were unable to locate them, I'm guessing because they were in different names. I just don't know where to start in tracking them down.

And if I do find them, what then? Do I consolidate them all somehow? Can I add them to my current workplace pension?

I know it's irresponsible not to know all this so please be gentle!

First things first - don't panic as you have plenty of time.

If you're not sure what you currently have, the pensions tracing service would be a good place to start. Once you know who the providers are, you'll need to do a bit of digging to get yourself access to their online portals etc so you can see what you've got, but the providers themselves should be able to help you with that.

Once you know what you've got, you can then think about if it's all in the right place (probably not if it's all in small money purchase/defined contribution schemes. If any of your jobs were in local government or something else with a defined benefit pension, leave those benefits right where they are!).

If you want to consolidate your pensions you have a legal right to transfer them (either into your current employer's scheme if it allows transfers in, or something else of your choosing). Again, the relevant provider should be able to help with the process.

Be warned that sometimes things in the pensions world take time!...

Another thing you might want to look at is where your funds are currently invested - they're probably in a default fund, which for most people is fine, but have a think about your future plans and if you maybe want to switch to a more adventurous fund option.

Good luck!

https://www.gov.uk/find-pension-contact-details

Pension Tracing Service details above - sorry forgot to include link

@SchnizelVonKrumm thank you so much, that's really helpful!

I've never done anything with any of them so they will just be in whatever the standard option is. It always just seemed like something to look into properly when I'm older, but it's suddenly hit me that now I am older!

Thanks again.

Contact your old employers - they should be able to give you the pension scheme details, then you can contact the individual companies. Your national insurance number should be the same, so if they have that should be fairly straightforward, but obviously will prob have to show ID and marriage and divorce paperwork with change of names.

https://www.gretel.co.uk/find-lost-pensions

Gretel is great for tracing - should check for your parents too - so many people have old forgotten life insurance savings policies that they might have taken about decades ago still sitting in funds!

Just contact your old employers and get the pension company they used. You may find you have more than one pot with a pension provider. Look at fees to pick which company you transfer to. I would also look to contribute more than 5% if you can, as state pension is unlikely to be as generous by the time we retire.

Once you've found them look at changing our of the default fund. The Meaningful Money podcast is good for this sort of thing.

I work in pensions and often deal with cases where someone 80+ either can't be traced/has died without claiming their pension. It's simultaneously sad and infuriating (some of these benefits are unclaimed final salary pensions!)

This is great, thanks so much all!